Garmin, the maker of full-featured GPS navigation systems that take the doubt out of driving as you make your commute or vacation. However, with the introduction of smart phones and navigation apps, I was sure Garmin was going out of business. But just like Madonna, who has been in the business for almost 30 years mastered the art of reinventing herself. And that’s exactly what Garmin did.
Global wearable fitness trackers market is on track to generate revenue of $48.2 billion by 2023, led by adoption of fitness tracking apps and rise in demand for wireless health monitoring devices, according to a report by research firm P&S Market Research.
And so, Garmin got into the activity tracking and smartwatch business.
Garmin rose 17% on Wednesday after announcing better-than-expected fourth-quarter 2018 results and upbeat forward guidance.
CEO Cliff Pemble called it a "remarkable year of revenue and operating income growth," and added: "Entering 2019, we see many opportunities ahead and believe that we are well positioned to seize these opportunities with a strong lineup of products across all of our segments."
Is there more room for Garmin to rise, lets go to the charts to find out?
According to the monthly chart, there is plenty of room for Garmin to move higher.
Levels to watch on the daily chart are the daily supply at $90 and $103.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.