Flextronics International (FLEX)— This is a manufacturer of a wide range of products including mobile communication devices, computing, consumer and digital devices, industrial, semiconductor and white goods, etc.
On April 17, I wrote, “FLEX has broken from a five-month consolidation.
“The stock has already run from $3 to $3.81 in just a week, but FLEX has broken out from a powerful cup-and-handle chart formation that could add another full point to the advance.
“The target is just under $5 at the 200-day moving average.”
Following the breakout in April, FLEX executed a golden cross at slightly under $4, and issued a buy signal from our internal indicator, the Collins-Bollinger Reversal (CBR), at $4 on July 9. This resulted in an immediate pop to $5.
On July 22, S&P raised FLEX from a “hold” to a “buy” with a 12-month target of $7. But, from the technical side, the target looks more like $8 to $9.
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Sam Collins is a registered, fee-based portfolio manager who may be contacted at samailc@cox.net. You can also check out an archive of some of his most recent market outlooks.
