This week we are tipping two US tech stocks and adding them both to our short term trading tips list. Both companies seem to be rallying back off recently lows and are in the process of being re-rated by Wall Street.
Analysis of their stock price action means there could be resistance levels in the weeks to come, so the opportunity may have evaporated before the end of October. That said, for both companies we think the fundamental picture could be changing. Both have surprised to the upside with recent results.
We look at a mid-cap US share that is rallying off a recent low of $22. Its last previous established low was at around $20 which it hit in early April. From there it was bid up beyond $31. But beyond that, there is further evidence that we could see a more sustained rally in the share price. We'll touch on that in more detail.
Alongside it is another stock we rate, which did extremely well during the pandemic and which we think is entering come back mode. A recent jump in the price from $73 to $85 has caught our attention. The shares are up 15% since its last filing but we believe there is more upside to come here as well. Again, management sounds bullish about future prospects.
We'll look at both stocks in a bit more detail and project some short term price movements.
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