$ACVA is emerging as a momentum stock
$ACV Auctions Inc.(ACVA)$ - Post Earnings Update (+373% EPS YoY, +44% Sales YoY), From the Strongest Sector, $Consumer Discretionary Select Sector SPDR Fund(XLY)$
I was waiting for a clean high RVOL attempt to break $21.15 pre-earnings since the last post, but the price retraced to the highlighted consolidation range.
Post earnings, the price gapped out of this range and is now just below $21.30, showing reduced rate of change in price action over the last two sessions. This is a bullish flag price action behavior.
This is a strong name fundamentally, and ACV Auctions is emerging as a momentum stock, increasing its ADR from 2.9% to 3.7% in under 3 weeks.
I’ve set a price alert at $21.31, though I’d prefer further consolidation, especially if the broader market pulls back, to feel more comfortable pushing new exposure.
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