VRTV Wave 3 move in 2022
Veritiv is a strong company fundamentally, and one of the biggest employers in the Atlanta 3PL market. It is often overlooked that Atlanta has the busiest port (airport) in the world. Overall undervalued versus growth and tech market, at about 13 p/e.
VRTV was powered from Covid lows by strong earnings, (9 consecutive quarters of beating expectations)and share buybacks.
TA: Long term Elliot impulse wave 1 from March 2021 Power Earnings, gap up on 500% eps beat. Stock then Moved from $25 to $160 in 8 months. ($135 implied move). Impulse wave topped in Nov ‘21, it then Retraced to .50 Fibonacci level in mid 80s with, volatile ABC move down to 200ma. Based successfully closing above 200ma weekly before start of POTENTIAL wave 3.
Idea: Buy on any pullback to test 200ma with exit plan if weekly closes under 200ma. Target $215 as minimum for Wave 3 completion to take profit.
VRTV was powered from Covid lows by strong earnings, (9 consecutive quarters of beating expectations)and share buybacks.
TA: Long term Elliot impulse wave 1 from March 2021 Power Earnings, gap up on 500% eps beat. Stock then Moved from $25 to $160 in 8 months. ($135 implied move). Impulse wave topped in Nov ‘21, it then Retraced to .50 Fibonacci level in mid 80s with, volatile ABC move down to 200ma. Based successfully closing above 200ma weekly before start of POTENTIAL wave 3.
Idea: Buy on any pullback to test 200ma with exit plan if weekly closes under 200ma. Target $215 as minimum for Wave 3 completion to take profit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.