Quinstreet has pulled back after hitting its all time high of $24.91 set back in Feb of 2011. The pull back is unfolding in a form of a bull flag and looks orderly. Watch for signs of "firming up" around the 50 MA and the resumption of the uptrend into new all time highs.
QNST reported record revenue, earnings were a bit of a disappointment but someone's panicking and selling shares for $12, so I picked up 1k shares. Bet it gets a bounce tomorrow, they're profitable and revenues are growing still. I see the ask is back up to $13.25, but might be worth sticking a bid at $12 and see if anyone else panics.
The restructuring of one of Quinstreet's long held clients, Dream Center Education Holdings, seems to have brought the price down this far to $13.16. However, revenue in other verticals including insurance, credit cards, personal loans, banking, and home services grew at double and triple digits YOY. Earnings estimates reflect this optimism with 0.16 and 0.19...
1. Break out 52 week high price 16.71 2. Previous gap, long bars, high volume. Expecting: long position.
Breaks out of its resistance, on high volume (3x the 50-day average). Retraces back to breakout level on lower volume (less than 50-day average). Now price needs to bounce off this level and start a new uptrend to be a complete #textbook #breakout.
$QNST taking methodical steps bullish so we will try one more time to catch the train to the next level.