Taser Intl (TASR) is well-known for being the leading manufacturer of non-lethal stun guns used by law enforcement. The company saw its stock make a major move starting in 2003 when the stock was heavily shorted, and the company's products gained popularity.
TASR previously formed a high, tight flag formation (as introduced by Wm. J. O'Neil in his best-selling book "How To Make in Stocks") back in July of 2003. From that breakout, the stock advanced a stunning 2,738% in the ensuing 39 weeks.
Here's the chart setup from 2003. Note that the prices in the chart reflect multiple splits that took place during the run up. The actual breakout price was a little over $13 a share.
Click on chart to enlarge.
Recently, TASR saw a surge in earnings due to new orders, and the stock jumped dramatically in response. It settled down for a few weeks in tight consolidation, then burst to new highs on expanding volume.
I mentioned the idea that TASR might have completed this formation back on November 5 on StockTwits and Twitter.
The last 2 weeks the stock has displayed relative strength as it's been sitting just above its breakout from the flag, while other market leaders like Tesla (TSLA) and Linked In (LNKD) have seen significant profit taking.
Today, TASR seems to have regained its strength and looks poised for another move higher. Here's an updated weekly view of the stock. While the stock is not heavily shorted like it was back in 2003, it's still worthy of consideration.
Afternoon update: I've added the daily chart as of 2:10 PM for comparison to the 2003 setup.
TASR previously formed a high, tight flag formation (as introduced by Wm. J. O'Neil in his best-selling book "How To Make in Stocks") back in July of 2003. From that breakout, the stock advanced a stunning 2,738% in the ensuing 39 weeks.
Here's the chart setup from 2003. Note that the prices in the chart reflect multiple splits that took place during the run up. The actual breakout price was a little over $13 a share.
Click on chart to enlarge.
Recently, TASR saw a surge in earnings due to new orders, and the stock jumped dramatically in response. It settled down for a few weeks in tight consolidation, then burst to new highs on expanding volume.
I mentioned the idea that TASR might have completed this formation back on November 5 on StockTwits and Twitter.
The last 2 weeks the stock has displayed relative strength as it's been sitting just above its breakout from the flag, while other market leaders like Tesla (TSLA) and Linked In (LNKD) have seen significant profit taking.
Today, TASR seems to have regained its strength and looks poised for another move higher. Here's an updated weekly view of the stock. While the stock is not heavily shorted like it was back in 2003, it's still worthy of consideration.
Afternoon update: I've added the daily chart as of 2:10 PM for comparison to the 2003 setup.
No comments:
Post a Comment