SanDisk Issues New Buy Signal on Breakout

SNDK broke from a rectangle consolidation pattern on very high volume

   

SanDisk (SNDK) — This manufacturer of flash memory storage products was last reviewed on my list of Top Stocks to Buy for December, when it was trading near $67.50.

S&P raised their EPS estimate for 2013 to $5 and for 2014 to $5.48. They look for $5.78 in 2015 and expect “a healthy supply/demand landscape.” And on Jan. 7, Zacks Investment Research upgraded the stock to a Rank #1 “Strong Buy” as a result of “positive earnings surprises in the last four quarters with an average beat of 27.94%.”

SNDK has tracked its 50-day moving average for over a year. On Jan. 8, the stock broke from a rectangle consolidation pattern on very high volume and accompanied by a MACD buy signal.

Buy SNDK at $72 or lower with a trading target of $78. Investors may buy it as a long-term investment.

SNDK Chart
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Article printed from InvestorPlace Media, http://investorplace.com/2014/01/trade-day-sandisk-sndk/.

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