Shares of MongoDB (NASDAQ:) are hitting fresh all-time highs today. The stock is up over 8% as it extends Monday’s trendline break. This powerful move has pushed the stock past the June, July and August highs ahead of tomorrow afternoon’s second-quarter earnings report. Impressive to say the least.
After a 160% gain off the March lows MDB began consolidating at the start of summer. A disappointing on June 4 lead to a steep decline the following session. The stock remained inside its tight range despite the steep post-earnings (-10%) loss. In July, and again in August, MDB put in lower monthly highs, while support near the February highs held up well. Today’s pre-earnings breakout has ended a healthy three-month consolidation and has set the stock up well for a fresh rally leg.
We are long MDB in our Tactical Opportunity Portfolio.
Gary S. Morrow’s original post is here.
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