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- 1 ANET stock is inside the rising parallel channel on the charts.
- 2 Buyers have attained momentum and are trying to reach $200.
Arista Networks Inc. (NYSE: ANET) ANET stock price is trading in an uptrend and persisted in gaining momentum in the volatile market. Moreover, the price action highlights the buying interest. Based on the technicals, ANET stock is expected to retest the channel highs of $200. However, bulls took a pause at the 20 day EMA and closed in red due to the weak global market sentiments in the last session. Amid the profit booking, ANET stock gave an opportunity for the investors to make fresh long positions, as the stock is trading in an uptrend and is about to break out above the swing hurdle of $200. If the price escapes the channel highs of $200, ANET would head toward $220.
Arista Networks Inc. (ANET stock) price is above the significant moving averages and is reflecting the buyers’ dominance. Moreover, the price action delivers the long build ups and suggests that the bullishness will extend toward $200 which is the near term hurdle. Furthermore, the options chain shows that, at the strike price of $190, fresh long positions were added and the open interest on the put side is now 698 hundred shares, whereas shorts were unwinding and is decreased to 366 hundred shares which suggests that short covering action will leads ANET stock price toward $200 in the next sessions.
At press time, ANET stock price was $191.48 with an intraday drop of 1.40% showing neutrality on the charts. Moreover, the trading volume increased by 0.43% to 1.78 Million and the market cap is $59.278 Billion. Furthermore, analysts have maintained a buy rating with a yearly target price of $203.60 suggests a growth outlook for the next sessions.
Arista Networks, Inc. engages in the business of developing, marketing, and selling cloud networking solutions. The firm is also involved in switching and routing platforms and related network applications. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in November 2004 and is headquartered in Santa Clara, CA.
Will ANET Stock Succeeds in Surpassing $200?
On the daily charts, ANET stock price is close to the 20 day EMA and is surging inside the rising parallel channel. Furthermore, the ANET share price has surpassed the 50% Fibonacci retracement level and is heading toward the 61.8% Fib level (near the $202). Additionally, the short covering move will lead to follow-on buying which is a positive sign for the upcoming sessions.
The RSI curve stayed in the overbought zone and is forming a positive crossover, highlighting bulls’ dominance on the charts. The MACD indicator shows a bullish crossover, formed green bars on the histogram suggesting a positive outlook.
Summary
Arista Networks Inc. (NYSE: ANET) is trading inside the rising parallel channel and is heading toward the round mark of $200. Moreover, the price action delivers the buying interest and suggests follow-on buying action will continue and that ANET stock will surpass the $200 barrier.
Technical Levels
Support Levels: $190 and $175
Resistance Levels: $200 and $220
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
