Did You Capitalize On This Earnings Call?
by Mike Paulenoff
July 25, 2020 • 12:48 PM EDT
In his Trading Room this week, Mike Paulenoff alerted members to the budding bullish technical potential of Edwards Lifesciences (EW), which was trading at 74.11 at the time of his alert on Monday July 20.
He noted a very positive technical set-up challenging an 8-month resistance line that cut across the price axis at 76.10. He also noted a potential catalyst in the company's upcoming Thursday July 23 earnings release, writing: "If the current chart set up is whispering to us about a directional outcome ahead of or in reaction to earnings, the message is HIGHER."
By Wednesday, EW had thrust above the resistance line to a multi-month high at 78.56, and on Friday it got to as high as 80.50 (+8.6% above its price at Mike's Monday alert) in reaction to an earnings beat on EPS, in-line Revenues, and raised EPS guidance for Fiscal Year 2020.
Where is EW headed next?
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Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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