Today, I am looking at Archrock Inc, with ticker AROC, for a possible upside potential. Archrock has been doing some amazing job recently, and it's seen a growth of 200% in EPS in Q4 of 2023. The company, had an average growth of earning of 115% in past three quarters, and despite gas prices falling, this company is performing well.
Where I am planning on positioning myself:
1. Weekly chart is telling me a couple of good things about this stock. First, I see increase of buying volume for this stock. Second, the stock is currently trying to break it's previous resistance level sitting at around $19 per share.
2. Daily chart, I see an ascending base pattern forming. This pattern is always bullish, and stocks which break from it on higher buying volume, tend to continue it's upside movement.
3. I will officially be waiting for the break of previous high, sitting at around $19.42 price level, for me to enter in this stock.
4. Once the break happens, I would like to see buy volume increase, this will give me a signal that this stock is the stock to be in.
5. Once I enter, my stop loss, will be sitting at around it's previous low which is at $17.70 price level.
As always, this is not a financial advice, this is just my opinion. Please do your due diligence before investing your money!
Where I am planning on positioning myself:
1. Weekly chart is telling me a couple of good things about this stock. First, I see increase of buying volume for this stock. Second, the stock is currently trying to break it's previous resistance level sitting at around $19 per share.
2. Daily chart, I see an ascending base pattern forming. This pattern is always bullish, and stocks which break from it on higher buying volume, tend to continue it's upside movement.
3. I will officially be waiting for the break of previous high, sitting at around $19.42 price level, for me to enter in this stock.
4. Once the break happens, I would like to see buy volume increase, this will give me a signal that this stock is the stock to be in.
5. Once I enter, my stop loss, will be sitting at around it's previous low which is at $17.70 price level.
As always, this is not a financial advice, this is just my opinion. Please do your due diligence before investing your money!