Pure Storage jumped to a new record high on strong earnings last month. Now, after a few weeks of consolidation, some traders may expect further upside.
The first pattern on today’s chart is the bullish gap on February 29. The data-storage company has remained completely above the gap, which may suggest there are few sellers.
Second, prices held the rising 21-day exponential moving average on March 19. They also formed a hammer candlestick. In addition, the bounce occurred near a 50 percent retracement of the most recent surge.
Finally, stochastics are turning higher.
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