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.
You're not a member! Trial 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.
InvoCare
