Worthington Enterprises, Inc. : Time to sell
Entry price | Target | Stop-loss | Potential |
---|
US$29.57 |
US$0 |
US$32.57 |
+100% |
---|
From a fundamental viewpoint, analysts have recently revised downward their expectations regarding EPS. This situation could lead to some profit taking in the short run.
Technically, the security had a technical rebound but there is still a bearish trend in the mid-term. Indeed, this rebound allowed shares to reach the upward trendline which acted as a support before the breakdown. The bullish impetus should be stopped in the coming trading sessions by this trendline which now act as a resistance. Thanks to it, the security should decrease toward the short term support at USD 24.2.
Thanks to financial and technical information above-mentioned, investors can take a short position in Worthington Industries. The target price is USD 24.18 (short-term support). This strategy would be invalidated if the security crosses the USD 30.9 resistance.
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