The company is focused on expanding and increasing penetration of its existing customer base, while leveraging its value-added products and services. It is also pursuing strategic acquisitions and joint ventures to expand its operating and geographic reach to further its long-term prospects.
Technically, the price is testing major resistance, which makes the stock attractive as an investing opportunity (see the black trendlines on the main chart and the insert).
When the price moves up and then pulls back, the highest point reached before it pulls back is resistance. The lowest point reached before it moves up again is support.
Resistance (support) levels indicate where there will be a surplus of sellers (buyers).
The expectation now is that the price may break through major resistance to reach our profit target.
Relative Strength Index (RSI) forward calculations suggest that the share will be in overbought territory around $100, which classifies our profit target of $100 as realistic.
We suggest a medium capital at risk allocation for this trade.
Technical analysis
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