May Proves Powerful Month for CHGG

Yesterday, we looked at a Daily Price Chart with moving averages of BioXcel Therapeutics, Inc. noting the stock’s 1–Month price was trading above the 10–Month SMA.

Today’s Chart of the Day is for Chegg, Inc. (NYSE: CHGG).

Chegg, Inc. operates a direct–to–student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.

Now, the Daily Price Chart below shows that CHGG has been making a series of 52–Week Highs since early May.

A stock just doesn’t hit a new 52–Week High unless it is in a very powerful up trend.

Since there are always price retracements along the way, our job is to track and wait for them.

CHGG experienced periodic price pullbacks during its strong advance since late March.

Traders can get a lower risk entry point after a 3 to 5% price retracement as the stock normally resumes its price up trend after such retracements.

We’ll be sure to continue following Chegg, Inc. as it climbs to new heights, and watching for price retracements.

Best Regards,

Chuck Hughes
Editor, Chart Of The Day

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