Select technology stocks are beginning to hit our radar with potential trading buy setups. One that popped up today is Unity Software (U).
It screens out well with our technical and relative strength work. It’s also attempting to put in an ellipse buy signal.
I think this is a good risk/reward stock (buying on pullbacks with a stop around 116). The key is that the recent low and reversal higher sticks. I’d like to see some relative strength show up on any further weakness. Very volatile market so position sizes should probably error on the small side.
$U Unity Software Chart
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.