Cloudera (CLDR) is breaking out higher as investor enthusiasm grows for a potentially high growth company. CLDR is a newly public company, but is already breaking out higher from a well-formed base pattern following initial selling pressure. The company is built on an innovative concept for enterprise cloud-based data solutions. Its use of secure data analysis is leading to strong market demand for its platform. I am buying stock in the name, with an eye on my stop-loss point, fully expecting it to never be touched.
Although the company is relatively new, its share price has formed a solid base, and looks to be breaking out higher. Below are both short- and long-term charts of CLDR. On its hourly chart, the company looks to have formed a bottom after coming under pressure in the months following its IPO. The stock’s recent breakout above $19 is significant as that level had acted as strong resistance in recent months. CLDR is built on the foundation of revolutionary technology and cloud-based solutions.
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