EXFO-liation
When several pieces of the technical puzzle come together, the price action
that follows can often be very strong. EXFO Electro-Optical Engineering
(
EXFO |
Quote |
Chart |
News |
PowerRating)
is showing signs of what could be a major move. The Canadian company
fundamentally shows growing strength. For the last fiscal year, the company
reports a sales increase of 70% to $71.6 million and net income increased 71% to
$9.9 million. Revenues are reflecting increased demand for their fiber-optic
testing, measurement and monitoring products. Along with the numbers, the chart
is showing a break to the upside above a downward trendline on Dec. 6 and
the failure of a low-level head and shoulders pattern which has traced out a
double bottom.Â
The final occurrence that is making this an interesting issue is
the follow-through it is exhibiting today after Wednesday’s gap open and close
in the top half of the intraday range. When both the numbers and the chart look
good — look out!
See ya tomorrow,
Duke