Let’s look at the growth stock Cognex Corporation (CGNX) buying price and technical chart analysis using it’s weekly stock chart.
#2 The stock had a solid accumulation over the last summer and throughout the last year.
#3 The stock found support at the 50 day moving average line ( DMA) all along and held up on that key support line for a long period of time.
#4 After the recent breakout, the stock is forming tightly weekly closes for the last few weeks.
#5 The stock had more accumulation volume than distribution volume during the period.
#6 The stock may offer an another buying opportunity when it’s clears the tightly consolidation on heavier volume.
The ideal buy point would be $81.10 – $85.15.