5 Stocks Set to Soar on Bullish Earnings
From a technical perspective, CBST is currently trading above both its 50-day and 200-day moving averages, which is bullish. This stock had been downtrending hard for the last four months, with shares falling from a high of $44.95 to a recent low of $36.73 a share. During that downtrend, shares of CBST have been making mostly lower highs and lower lows, which is bearish technical price action. That said, this stock has started to lift off that low of $36.73 a share and rip back above both its 50-day and 200-day moving averages.
If you're in the bull camp on CBST, then I would wait until after they report earnings and look for long-biased trades if this stock triggers a near-term breakout trade above some overhead resistance levels at $41.67 to $43 a share with high volume. Look for volume on that move that registers near or above its three-month average volume of 810,070 shares. If we get that move, then CBST will have a great chance of re-testing and possibly taking out its next significant overhead resistance levels at $44 to $44.95 a share. A move over $44.95 would be very bullish since it will mean CBST has entered new 52-week-high territory.