IBD’s “The New America” recently reviewed data streaming specialist Confluent (CFLT). It’s shares “are moving steadily higher as the company’s momentum in artificial intelligence keeps rolling and macro headwinds abate. CFLT stock continues to gain ground after breaking out in May.”
The New America: Confluent and AI
Growth continues to be very strong for Confluent, with subscription revenue growing more than 4o% representing 92% of gross revenue. in the interim, the stock continues on a path to higher prices.
Confluent (CFLT) price action broke out of a large cup and handle base on May 30.
Volume was 103% as the stock surged above its pivot at $29.72.
In the past three weeks, its RS line has graduated to 96, indicating the company shares are outperforming 96% of its competition.
The New America article covers the entry at 29.82 in the last week of May to its current highs, in addition to Confluent‘s breakout on Monday through the buy zone at $37.51.
The weekly chart below clearly shows some ambitious targets, the post IPO highs of $94.97 achieved on the week of November 05, 2021.
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