Chart of the Day: Arista Networks Has Pulled Back

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Arista Networks jumped to a record high last month, and now it’s pulled back.

The first pattern on today’s chart is the high-volume jump on May 8 after earnings and revenue beat estimates. Notice how its closing price that day of $291.67 became apparent support on May 23 and again last week.

Second, the recent lows were …

For more, please click here to view the related idea and chart analysis on TradingView.

Arista Networks (ANET), daily chart, with selected patterns and indicators, courtesy of TradingView.
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David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.