Braze, Inc. (BRZE) has topped its revenue and EPS estimates in each of the last 4 quarters.
Its latest beat came at the end of March, when the stock surged to a 5 1/2-month price high. After reaching the 38.00 level on March 31st, BRZE quickly fell about 18% in just 6 trading days. However, its AD line exploded higher. While BRZE has seen a ton of intraday (mostly morning) selling, we've also witnessed significant afternoon buying. That has carried BRZE's AD line much higher, threatening to break above the high set in August 2022:
Enter Braze, Inc. (BRZE):
Relative strength remains a significant issue. At EarningsBeats.com, we favor leading stocks in leading industry groups. Fortunately, we have half that recipe, as software ($DJUSSW) has been very hot in 2023. But BRZE has lagged its peers badly since August 2021. We've seen some improvement, but what I'd really like to see here is a move past its recent relative high of 0.008, which was established in mid-January 2023. By connecting recent price highs and then dragging that line down to intersect the low in early January, I've drawn a channel that I believe is important to hold. Gap support and price support currently reside at 31.60 and 30.00, respectively. I'm ok on the long side with BRZE unless both of these support levels are lost.
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Happy Trading!Tom BowleyChief Market StrategistEarningsBeats.comBetter Timing. Better Trades. |