Cloud-based Software Co. Maintains Bullish Trend

On Friday, we looked at a Daily Price Chart of Twilio Inc., noting that the stock’s price had dipped below the Upper Keltner Channel.

Today’s Chart of the Day is a 10-Month Simple Moving Average Chart for Veeva Systems Inc. (NYSE: VEEV).

Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America.

The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, commercial data warehouse, allocation and alignment applications, master data management application, and data and services; and Veeva Vault.

Now, below is a 10-Month Simple Moving Average Chart for Veeva Systems Inc.

Back in March 2020, the VEEV 1-Month Price crossed above the 10-Month SMA indicating VEEV was showing a PowerTrend ‘buy’ signal (circled).

Guess what happened next…

Sure enough, prices continued to rise.

Since the PowerTrend ‘buy’ signal occurred for the stock back in March – when the stock was around $156.37 – the stock has seen an 38.6% increase.

Now, as you can see, the 1-Month MA is still above the 10-month SMA. That means the bullish trend is still in play!

This bullish price trend makes VEEV a good candidate for a call option purchase.

As long as the 1-Month price remains above the 10-month SMA, the stock is more likely to keep trading at new highs in the coming days and weeks.

We’ll be keeping our eye on this stock as it continues to trend upward.

That way we’ll know the moment the market conditions shift and the stock begins to come back down… offering a better buying opportunity in a bullish market.

Best Regards,

Chuck Hughes
Editor, Chart Of The Day

The post Cloud-based Software Co. Maintains Bullish Trend appeared first on Laissez Faire.