Chart of the Day: SuRo Is Looking Bullish as IPO Buzz Builds
A recent pullback on lower volume seems to be ending.
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SuRo Capital (SSSS) has been consolidating the recent surge and it seems to be ending. The stock had a strong day on May 20, with very good price action and solid volume trends throughout the session, and it appears the the supporting indicators are moving up.
Now, we always like to see a follow-through day, which could be on May 21, so we’ll temper our enthusiasm for now and just observe. No question a strong bottom appears to be in at the $12.50 level, where a few attempts to knock it down were thwarted.
The price action still tells the story. SuRo is bullish. The candles have been flipping between blue and teal for about three months, which is bullish.
Money flow recently went negative as did the RSI (pane 3), but that is more due to a rest period here for the stock. We should see these momentum indicators start to rise very soon. Stochastics are down in the tank but once the stock gets moving this indicator should gain some momentum.
With the talk of big IPO’s coming to the market soon and SuRo in great position to capture nice profits, the stock seems well positioned here and could see a nice jump as the new issue market finds more interest.
We like SuRo in TheStreet Pro Portfolio and rate it a One, or “buy at anytime.”
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At the time of publication, TheStreet Pro Portfolio was long SSSS.
