Dow Jones soars above 23,000. Is it too stretched? >>> READ MORE

Cloud Computing Stock That’s Headed Up, Up, Up

Technicals say CommVault Systems is prime candidate for a breakout


CommVault Systems (NASDAQ: CVLT) — This cloud computing company provides data and information management software applications and related services. “Its robust revenue growth, solid financial position, and reasonable debt levels” are noted by Ratings.

Technically, CVLT broke from a major base in February at $30, jumping to $40 in just two weeks. It consolidated within a bullish pennant falling to $34.50 before breaking to another plateau with support at $37 and resistance at $39. Two recent bullish reversals, an undervalued Moving Average Convergence/Divergence (MACD), and a close yesterday over its 20-day and 50-day moving averages make this a prime candidate for a breakout. 

The trading target for CVLT is a quick run to $42, but longer-term buyers may want to hold for longer since this stock appears capable of another major advance. The longer-term target is $50.

Trade of the Day – CommVault Systems (NASDAQ: CVLT)

Trade of the Day Chart Key

Ask Sam on Facebook

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC