Symbotic Inc (NASDAQ:SYM) stock was last seen up 4% at $64.09 at last glance, bouncing off the $60 level as it reverses its morning losses. The security could extend this rebound, as its recent pullback has it coming into contact with a historically bullish trendline.
Per Schaeffer's Senior Quantitative Analyst Rocky White, SYM is within 0.75 of the 126-day moving average's 20-day average true range (ATR) after remaining above it 80% of the time in the past two weeks and 80% of the last 42 trading sessions. This signal has occurred two other times over the past 10 years, after which the stock was higher one month later 100% of the time with an average 6.6% gain.
A short squeeze could provide tailwinds as well. Short interest represents 12.9% of the stock's available float, or almost five days' worth of pent-up buying power. Plus, though the equity sports a 93% year-over-year lead, there is plenty of room for optimism amongst analysts, as 13 of the 20 in coverage sport a "hold" or worse rating.
