APPS Stock Chart Signals Buying Opportunity
Summary
A quick look at the chart for APPS would suggest this could be a prime entry point for bulls, and the data backs it up. Specifically, data from Schaeffers Senior Quantitative Analyst Rocky White shows that the 80-day moving average in particular has been support in the past. Whites most recent study showed that the three previous pullbacks to the 80-day has yielded an average 21-gain of 27.1%, producing a positive return each time. Not surprisingly, all four analysts covering the security are bullish, each handing out "strong buy" ratings. For instance, the 10-day call/put volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) comes in at 20.77, showing almost 21 long calls crossing for every put in the past two weeks.
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