AeroVironment, Inc. (NASDAQ:AVAV)
Q: Hey Chip,
With Regards, Josh
A: Great buy! We issued an Uptrend on 5/7/09 at $26 so good work on timing the low. The stock is above its major moving averages and the 200-day has actually started to tick up. All good signs. If the 50-day moving average can cross above the 200-day, that would be even better. First resistance will be if it can get above its most recent top of $32.90 where it hit on July 1. After that I don’t see any resistance until the $35 area. In terms of support levels, the 30-day and 50-day should provide some support at $28.91 and $28.18, respectively. So that is the downside support.