Symbotic Stock: Price Action, Momentum Align to Form the Perfect Breakout Setup

07/24/2024

1 minute read

2024.07.24 04:16

Symbotic (NASDAQ:) is an automation technology company that focuses on improving operating efficiencies in modern warehouses. SYM-Daily Chart

Here are some key points about Symbotic:

Business Focus: Symbotic automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Their systems enhance operations at the front end of the supply chain.
Stock Performance: It has a 52-week range of $29.62 to $64.142.
Market Cap: The company’s market capitalization (intraday) is approximately $22.9 billion

The company plans to announce its earnings on July 29, 2024.

I personally like this company because it transcends politics and with both parties in favor of improved infrastructure and reshoring, this stock can do well.

From a technical perspective, SYM has been dancing around the 50-daily moving average.

Above current levels sits the July 6-month calendar range high (green line).

Higher still is the 200-DMA at around 42.47.

Even more compelling is that the Leadership illustrates clearly that SYM outperforms .

Real Motion is above its 50-DMA as well. Hence, momentum and price are aligned.

To confirm SYM’s phase change to recovery in price, we will look for another close above the 50-DMA.