Saying "technology" and "leader" in the same breath has been rare in 2022, but Hubbell, Inc. (HUBB) has definitely displayed leadership characteristics and qualities.
For starters, HUBB traded at a 52-week high on Monday. There aren't too many technology stocks making that claim right now. Furthermore, volume trends are quite bullish and the Accumulation/Distribution Line (AD Line) suggests that HUBB can be bought on early morning weakness:
Enter Hubbell, Inc. (HUBB):
HUBB had multiple price failures from 202.50 to 207.50 in late 2021 and earlier in 2022. Volume picked up in late July, though, and it accompanied HUBB's breakout. Since that time, HUBB has come down once in that 202.50-207.50 range and held support. Now the rising 50-day SMA is at 206.73, so there is plenty of support, should HUBB fall back into this key support zone. In the bottom panels, you can see that relative strength is solid.
HUBB really just needs a relatively good overall market environment. In my opinion, HUBB will be returning to all-time highs. In the meantime, pullbacks to the 20-day EMA could be an entry point, as could any challenges near 207.50.
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Happy Trading!Tom BowleyChief Market StrategistEarningsBeats.comBetter Timing. Better Trades. |