Go with Veeva Systems (VEEV) , that's the one to own," was Jim Cramer's advice to one caller during Tuesday's "Mad Money" show. We looked at VEEV back on March 27, and wrote that, "VEEV looks like it can trade higher in 2020. Traders could go long on strength above $153 and $155 (above the moving averages). Risk a close below $130 for now. Our upside price targets are $175 and then $200 and $215. Take things one step at a time."
Traders should be long VEEV from $153 and $155 and now that VEEV has reached and exceeded our $175 price target, let's raise our sell stop to a close below $170. Let's pay another visit with the charts.
In this updated daily bar chart of VEEV, below, we can see that prices have broken out above the July highs.The slopes of both the 50-day moving average line and the 200-day moving average line have turned positive and we can see a recent golden cross buy signal with the 50-day line moving above the slower-to-react 200-day line. The On-Balance-Volume (OBV) line has improved slightly from the March low and tells us that buyers of VEEV have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator moved to a buy in early April when it crossed above the zero-line.
In this weekly bar chart of VEEV, below, we can see the strong price performance of the past three years. Prices are above the rising 40-week moving average line. The weekly OBV line is close to making a new high for the move up and the MACD oscillator is in a bullish alignment above the zero-line.
In this daily Point and Figure chart of VEEV, below, we can see a $235 price target.
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Bottom line strategy: Longs should risk a close below $170 now; $200, $215 and $235 are our price targets now.
