F5 Networks, Inc. (FFIV) had earnings back on April 20th and reported strong numbers with second quarter revenue up 34.7% year-over-year. This report gapped the stock up nicely and has since grinded lower to fill that upside earnings gap. The $100 level looks like an actionable support level and I will be a buyer with an out below the $99 level.
Below $99 I see no support till the low $90’s. This is not my favorite set up on pure technicals, but I believe the risk-vs-reward is very good and that $100 price level should hold. The past two-day pull back in the market, especially in tech stocks, has not phased FFIV. My first target is the $106.50 and then the $109.
*DISCLOSURE: Long FFIV
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