Tech shares are on the move and that is a positive development. The Nasdaq has made it a habit recently of outperforming and if it continues the market rally has some legs. We have biotech rising, software names have seen some love, the semiconductors are joining the nascent stampede. Below we see stocks from a diverse arena of technology that have flourished and most likely still have room to run.
In this Mondays Game Plan we looked at ADBE. It has put up 3 consecutive positive earnings reactions and Tuesday it took out a bullish ascending triangle pattern in firm trade to hit all time highs. This morning premarket it is now above the very round par number and a CLOSE above today would give one a good stop to play against.
Stocks that can be bought as they take out bullish ascending triangle formations are ADBE. ADBE is a software name higher by 3% YTD and 23% over the last one year period. Earnings momentum is solid with gains of 3.8, 2.8 and 1.2% on 3/18, 12/11 and 9/18 following a loss of 2.5% on 6/17. The stock has traded very taut with a 94 or 95 handle between the weeks ending 4/1-5/13 and it has formed a bullish ascending triangle formation which began with intraday highs of the most recent earnings reaction. ADBE is on a 3 week winning streak as the Nasdaq overall has been soft. Look to enter with a buy stop above 98.25. A breakout would put stock at all time highs and a move through the very round par figure should be added to.