Conclusion, Investment Implications, Strategy

We exited our October 20th long idea in Axonics, Inc. (AXNX) today for a 10% outright gain while simultaneously outperforming the benchmark S&P 500 by 7%.  We exited the idea because AXNX is just 3 days away from announcing earnings on Nov 4th (for fiscal Quarter ending Sep 2021) while testing formidale overhed resistance at $74.00. 

Analysis and Rationale

The chart below is an updated version of the one that appeared in our Oct 20th report, highlighting this week’s rise into overhead resistance at $74.00 which makes it vulnerable to a corrective decline.

AXNX daily since April

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