Parsons Corporation is a Virginia-based American multinational technology company that works in the sectors of defense, security, intelligence, and infrastructure.The company is now performing very well with many new contracts and partnerships. Since the start of 2023, PSN stock has reflected a pattern called “Bactrian Camel Pattern.” The Bactrian camel is a rare animal in Mongolia with two humps. From the start of 2023, PSN stock candles formed two perfect “Camel hump” like curves in February and April. While hovering in a consolidating zone for the entire year until June in the range between $46.70 and $40.70. Moreover, from early June 2023, PSN stock price geared up and floated in an uptrend while forming a “camel neck” at the $48.40 level, where the price stayed for about one month in the consolidating zone from $47.00 to $48.40. In early August, PSN stock price witnessed a sudden surge of roughly 17% from the $48.40 level and achieved an annual high of $56.16 on 14 August 2023. The stock price completed the “Bactrian Camel Pattern” by forming a “camel head.” Parsons Corp. announced its Q2-2023 report on 2 August 2023, after which PSN observed a hike in the price action by roughly 17% in just 4 days. The reported revenue of $1.35 Billion surpassed the estimated revenue of $1.12 Billion. The reported EPS (earnings per share) was $0.63, which surpassed the estimated forecast of $0.50 EPS by $0.12. The stock price is trading above the 20, 50, 100, and 200-day EMAs (exponential moving average). Indicating bullish momentum in the market. However, the CMF (chaikin money flow) score has traded above the 0 mark. CMF scored 0.02, indicative of strength in the market. The relative strength index (RSI) is at 77.53, which denotes a robust bullish dominance over the price in the market during the intraday session. However, the current market capitalization of PSN stock is $5.82 Billion, with an average volume of 672.9K shares. The new development in Parsons Corp. drastically impacted the price action of the stock. Currently, the New York State Department of Transportation (NYSDOT) selected Parsons Corp. to complete a Planning and Environment Linkages (PEL) study. Which will redefine the future of Interstate 787 in Albany. Parsons Corp. on Thursday won a $109 Million cyber capabilities contract from the US Cyber Command to continue its support for the C4CD Bridge contracts. This will attract investors, as Parsons Corp. scales new heights. The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.