Muted market sets the stage for 3 stocks to re-join their prevailing uptrends

Published: January 26 2023, 02:20 GMT+0

Muted market sets the stage for 3 stocks to re-join their prevailing uptrends

Lyft, Inc., National Instruments Corporation, 10x Genomics, Inc. and others are enjoying ongoing uptrends…

Markets did not have a clear cut direction — Nasdaq lost 0.18% and ended the session at 11,300. S&P 500 closed at 4,016.22 after a flat day.

Current market events are being influenced by ambiguous macro data as highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

What is an uptrend?

An uptrend describes the price movement of a continuously appreciative financial asset over a particular time frame. In an uptrend, each successive peak and trough is higher than the ones found earlier in the trend. The uptrend is therefore composed of higher swing lows and higher swing highs.

Lyft continues a 19 day uptrend; climbs 3.66% yesterday

After setting a $14.65 – $15.88 range, Lyft, Inc. closed the day at $15.86 having risen 3.66%. Lyft recovered from the previous trading session's losses and went up to $15.86 yesterday after it traded lower at $14.65. Daily trading volume (16.12 million shares) was slightly above the current multiday average of 12.82 million.

NI continues a 13 day uptrend; increases 0.35% yesterday

After setting a $53.76 – $54.74 range, NI closed the day at $54.35 having risen 0.35%. Generally flat but with a slight bullish bias, NI ranged between $53.76 and $54.74 before closing higher at $54.35. Trading volume totalled 1.62 million which equates to around 65% of the stock's 21-day average yesterday. NI disclosed a quarterly dividend of 28 cents per share on Wednesday, October 19th that was paid on Monday, November 28th to all shareholders of record up until Monday, November 7th. Based on current prices, the company's decision thereby provides NI investors with an annual dividend yield of 2.06%.

NI is scheduled to announce earnings results Tuesday. The consensus Earnings Per Share estimate is 0.51 and the consensus revenue estimate is $453.89 million.

10x Genomics continues an 18 day uptrend; ascends 1.03% yesterday

After setting a $43.22 – $46.04 range, 10x Genomics closed the day at $46 having risen 1.03%. 10x Genomics went up to $46 yesterday after ending Tuesday at $45.53. Overall, a 1.03% move or 47 cents. The day's trading volume totalled 1.16 million shares — slightly under the 21-day average of 1.21 million.

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