eGain will pivot at $9.26 as it rallies towards the $12 resistance

0
By:

Motiur Rahman

on
Jun 8, 2022

eGain Corporation is projected to record strong growth in earnings.

The stock is trading at a support level and is good for trend investors.

We recommend buying eGain Corporation at the current price and selling at $12.

eGain Corporation (NASDAQ:EGAN) is among the recent additions to Zacks’ list of strong buy stocks. The addition was on the basis of strong earnings growth expectations. In addition to the projection, this analysis shows that the stock is trading at a key support level.

eGain Corporation is a customer engagement solutions provider. The company uses AI and data to help businesses manage customer engagement. With the use of big data and analytics, expectations for strong growth are justified. eGain is considered a growth stock.


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The company’s EPS for the last year was $0.27. That places the forward PE at 35.65. The company is expected to grow its EPS by more than 100% this year. Consequently, analysts consider eGain Corporation a strong buy and hold.

eGain Corporation is trading at a significant support level

Source – TradingView

eGain Corporation is trading at $9.47 and is bullish. The price is just above a highly significant support level of $9.26. Evidence shows that the stock has pivoted from this level over the last year. The resistance level is at $12. The analysis shows that eGain is likely to rally towards $12 before pulling back. The pattern makes eGain Corporation a good stock pick for trend investors.

Summary

Our analysis recommends buying eGain Corporation at the current price. The stock will rally towards a valuation of $12, after which it will pull back. We think eGain is a good stock for trend investors as they wait for strong earnings growth.

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