Our ALGO engine triggered a buy signal for InvoCare at $16.40 on yesterday’s ASX close.
The stock looked very expensive when it posted a high trade of $18.10 on December 4th. Since then the company has been the target of several negative analyst’s reports and the share price dipped to $16.25 in early trade today.
The ALGO engine has flagged the “higher low” pattern based on the low price in the $13.00 area back in early August.
We don’t expect the IVC share price to rally back to the $18.00 area in the near-term.
However, we believe with the internal momentum indicators in oversold territory, a move back to the $17.35/40 area is a reasonable trade for both share investors and CFD traders on our SAXO Go platform.
Todd has worked in the financial industry for 20 years. During this time, his primary focus has been in the Foreign Exchange, Global Equities and Fixed Income areas. Todd has also served as a Judicial Advocate in several tax cases in the US Federal Court.