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Reversed After Wedging to New Highs - Thursday, November 18, 2021
Descartes Systems Group (DSGX +$0.28 or +0.31% to $90.77) was highlighted in the earlier mid-day report in yellow with pivot point cited based on its 9/23/21 high plus 10 cents. it reversed into the red after hitting a new all-time high, breaking a streak of 5 consecutive gains. It recently wedged from a 6-week base with gains lacking great volume conviction. Subsequent gains above the pivot point must be backed by at least +40% above average volume to clinch a proper technical buy signal.
The high-ranked COMPUTER SOFTWARE & SERVICES - Business Software & Services firm reported strong Oct '20, Jan, Apr, and Jul '21 quarterly earnings above the +25% minimum earnings guideline (C criteria) versus the year ago periods with acceleration in its sales revenues growth rate. Annual earnings history (A criteria) has been steady, a fair match with regard to the fact-based investment system. Completed a new Public Offering on 6/05/19.
The number of top-rated funds owning its share rose from 442 in Dec '20 to 500 in Sep '21, a reassuring sign concerning the I criteria. It has a Timeliness Rating of B and a Sponsorship Rating of B. There are 84.6 million shares outstanding (S criteria) which can contribute to greater price volatility in the event of institutional buying or selling.
