Brady Corporation : Overbought configuration
Entry price | Target | Stop-loss | Potential |
---|
$35.4 |
$0 |
$36.6 |
+100% |
---|
Brady Corp reaches a level of resistance. This area could contain the upward trend in the short term.
Analysts from the Thomson Reuters consensus regularly revise downward their EPS estimates.
From a technical viewpoint, the proximity of the USD 35.5 short-term resistance limits the upside potential of the stock. The uptrend in the short term could be stopped by this level and prices could decrease sharply in the coming sessions. Technical indicators also show an overbought situation that reinforces this bearish scenario. Thus, there is a higher downside potential than upside.
Therefore, the proximity of the resistance suggests a consolidation or a correction phase in the coming sessions. The most offensive will open a short position at the current price to target a return on the USD 33.1 support. It should protect the position with a stop loss set above USD 36.3.
The content herein constitutes a general investment recommendation, prepared in accordance with provisions aimed at preventing market abuse by Surperformance, the publisher of MarketScreener.com. More specifically, this recommendation is based on factual elements and expresses a sincere, complete, and balanced opinion. It relies on internal or external data, considered reliable as of the date of their release. Nevertheless, this information, and the resulting recommendation, may contain inaccuracies, errors, or omissions, for which Surperformance cannot be held responsible. This recommendation, which in no way constitutes investment advice, may not be suitable for all investor profiles. The reader acknowledges and accepts that any investment in a financial instrument involves risks, for which they assume full responsibility, without recourse against Surperformance. Surperformance commits to disclosing any conflict of interest that may affect the objectivity of its recommendations.