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Fan Yang

FireEye (FEYE) Continues to Show Rounded Bottom Attempt

FireEye Inc. $FEYE is being very resilient in a market that has been selling off tech stocks and cyber-security names like $PANW and $CYBR. In fact, overall price action since 2016 appears to be a possible rounded bottom.

FEYE Daily Chart

(click to enlarge)

Choppy Consolidation:
- While the price action since 2016 could be a rounded bottom, it could also simply be a choppy period of consolidation.
- There has been higher highs and higher lows since 2017, but price action has been choppy.
- Until there is a clear break above $19.60, and $20, FEYE is still only in consolidation mode.
- I am assessing some bullish bias because
1) FEYE is resilient against the current market environment.
2) Price is starting to get anchored above the 200-day simple moving average (SMA), along with the 100- and 50-day SMAs. 

Finally, earnings was solid as well, which contributed to FEYE's resilience. Here's a report from

FireEye (NASDAQ: FEYE) reported Q3 EPS of $0.06, $0.04 better than the analyst estimate of $0.02. Revenue for the quarter came in at $212 million versus the consensus estimate of $208.45 million.
FireEye sees Q4 2018 EPS of $0.04-$0.06, versus the consensus of $0.04. FireEye sees Q4 2018 revenue of $214-218 million, versus the consensus of $216.6 million.
FireEye sees FY2018 EPS of $0.06-$0.08, versus the consensus of $0.03. FireEye sees FY2018 revenue of $827-831 million, versus the consensus of $826.8 million. (

- If price does climb above $20, there is upside to the $24.65-$25 area - a previous support/resistance pivot area. 
- Support in the $17.50-$18 area would also feed into this bullish scenario. 
- At this point, a retreat below $17 would be a bad sign for the bullish outlook.

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