F5 Networks, Inc. (NASDAQ:FFIV) is moving sharply higher again today, two weeks after reporting earnings that crushed the stock. The stock was trading in the $140.00 range, prior to earnings. After reporting results far below Wall Streets estimates, FFIV plunged to a low of $102.66. Since then, the stock has climbed sharply higher, especially over the last week. Today FFIV is trading at $127.23, +3.59 (+2.90%).
While the recovery in the stock has been more than impressive, it is moving into major resistance levels that will serve as a great shorting opportunity. Anytime a stock has a sharp drop on poor financial results, then rallies, a new shorting opportunity will arise. The first level to watch is the daily 50 moving average. This level sits at $130.80. The next point will be gap fill from the earnings date at $138.78. Both these levels should be solid shorting opportunities.
Gareth Soloway
InTheMoneyStocks.com
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