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Formed Ascending Base and Now Testing 50-Day Moving Average - Friday, August 4, 2023
Axcelis Technologies (ACLS -$10.87 or -5.82% to $175.74) finished weak after highlighted in yellow with pivot point cited based on its 8/01/23 high plus 10 cents in the earlier mid-day report (read here). It has formed an advanced "ascending base" pattern. It tested support at its 50-day moving average (DMA) line ($174.67) with today's 4th consecutive volume-driven loss after hitting a new 52-week high. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal.ACLS reported Jun '23 quarterly earnings +41% on +24% sales revenues versus the year-ago period, and 3 of the past 4 quarterly comparisons were above the +25% minimum earnings guideline (C criteria). There was a downturn in FY '19 annual earnings (A criteria) history followed by strong growth. It has a 97 Earnings Per Share Rating, well above the 80+ minimum guideline for buy candidates.
The number of top-rated funds owning its shares rose from 515 in Sep '22 to 649 on Jun '23, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 0.8 is an unbiased indication its share have encountered some distributional pressure over the past 50 days. There are only 32.7 million shares (S criteria) outstanding, which can contribute to greater price volatility in the event of institutional buying or selling.
The number of top-rated funds owning its shares rose from 515 in Sep '22 to 649 on Jun '23, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 0.8 is an unbiased indication its share have encountered some distributional pressure over the past 50 days. There are only 32.7 million shares (S criteria) outstanding, which can contribute to greater price volatility in the event of institutional buying or selling.
