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TESS Stock Setting Up for a Quick Run Higher

TESSCO Technologies looks ready to break from triangle formation


TESSCO Technologies (NASDAQ:TESS) — This company provides product and supply-chain solutions to professionals who work with wireless mobile, fixed, and in-building systems.

Its sales growth has been spectacular, going from 15.04% three years ago to 21.18% last year. Earnings in fiscal year (FY) 2012, ended in March, were $2.05 per share, and analysts look for $2.99 in FY 2013. The company is scheduled to report quarterly earnings on Oct. 31.

Technically, the stock has been consolidating in a right triangle since a run from about $14 to $26 in the beginning of the year. TESS has found support at the conjunction of its 50-day and 200-day moving averages at $20.

Buy TESS at the market with the expectation that it will break from the triangle at just under $22 and make a quick run to $26 or higher.

Trade of the Day – TESSCO Technologies (NASDAQ:TESS)
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Trade of the Day Chart Key

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