Avnet's 15-min chart shows Bollinger Bands expanding upward, bullish Marubozu.

Avnet's 15-minute chart exhibited a notable pattern on July 17, 2023 at 14:15, characterized by the expansion of Bollinger Bands upward and the formation of a bullish Marubozu candlestick. This phenomenon suggests that the market trend is being propelled by strong buying activity, with buyers dominating the market and likely contributing to a sustained bullish momentum.

On July 17, 2023, at 14:15, Avnet Inc.'s (NASDAQ: AVT) 15-minute chart displayed a significant pattern that suggests a sustained bullish momentum. The chart exhibited an upward expansion of Bollinger Bands, indicating a period of strong buying activity. Additionally, a bullish Marubozu candlestick formed, further reinforcing the trend of buyers dominating the market.

Bollinger Bands, which consist of a moving average and two standard deviations above and below, expanded upward, suggesting that prices were moving significantly higher than the average. This expansion can be an indicator of strong momentum and a potential continuation of the bullish trend. The formation of a bullish Marubozu candlestick, characterized by a long white body with no upper or lower shadows, signifies a strong bullish candle, where buyers dominated the market and pushed prices up.

The recent earnings report for Avnet also supports this bullish trend. The company reported revenues of $5.32 billion for the first quarter, down 6% year over year, but in line with analysts' expectations. Avnet's earnings per share (EPS) of $0.84 for the quarter beat the consensus estimate by $0.12, demonstrating strong financial performance. However, the company missed its EPS guidance for the next quarter, which may have contributed to the upward expansion of Bollinger Bands as investors reacted to the earnings news.

Analysts have also shown varying opinions on Avnet's stock. Wells Fargo & Company lowered its price target to $43.00 from $45.00 and set an "underweight" rating, while Truist Financial lowered its target to $50.00 from $52.00 and set a "hold" rating. Despite these downgrades, Avnet's stock has been resilient, trading at $55.41 as of the latest earnings report, up 8.2% since the announcement.

Institutional investors and hedge funds have also shown interest in Avnet. Norges Bank, Woodline Partners LP, Raymond James Financial Inc., Bank of America Corp DE, and Northern Trust Corp have all made significant investments in Avnet's stock, with Bank of America Corp DE boosting its holdings by 149.9% in the fourth quarter. This strong institutional interest may be contributing to the bullish momentum observed in the stock's 15-minute chart.

Avnet's stock has shown resilience and potential for sustained growth, as indicated by the recent chart patterns and earnings performance. However, investors should remain cautious and consider the company's guidance and analyst ratings when making investment decisions.

References:
[1] https://www.marketbeat.com/instant-alerts/filing-avnet-inc-nasdaqavt-shares-sold-by-new-york-state-common-retirement-fund-2025-07-16/
[2] https://finance.yahoo.com/news/q1-earnings-roundup-avnet-nasdaq-033336215.html