Identiv, Inc is a a security technology company that secures data, physical places, and things worldwide.
Closing at a new 52 week high INVE has become our next stock pick.
Beginning with a broad weekly view we can see the aforementioned price breakout above $4.66 per share from an over year long accumulation base. Notice the steady trend higher in the 10 period Money Flow Index while price was carving out a bottom. With this successful break higher we are looking to purchase shares close to yesterday’s closing price of $5.52 a share and will place a stop loss at $3.78 per share with a potential profit target at $9.00 supplying us with our mandatory minimum risk:reward ratio of 1:2.
The stock made its break out run after forming a beautiful symmetrical triangle and running higher out the top using the 20 period EMA as a spring board. Currently, the stock is consolidating those gains in a tight pennant formation. If an upside breakout results further gains could be made fairly quickly. This is a potentially explosive stock so any thought of an investment being made must be done so quickly as chasing is not recommended.