EarningsBeats.com Digest for May 19, 2021
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Some charts remind me of that old Beatles' classic, "A Long and Winding Road". Remember it? It "leads me to your door". In the case of stocks and charts, multiple negative divergences suggest that the road higher has been a long one, one that typically leads to a 50-day SMA test. That's what happened to AGCO Corp (AGCO) on Tuesday. The road higher was a long one and AGCO ran out of gas, winding up back at the 50-day
SMA:
From the looks of this chart, I don't believe the selling is over. We could see a minor bounce, perhaps to the now-declining 20-day EMA, but I don't believe any short-term strength will last. I think it's time for AGCO to potential head towards a channel support line test. That could happen closer to 130 support. That PPO couldn't look much more challenging. It's been dropping for two months, while AGCO kept trying to move higher.
I think it's finally failed and the selling could be quick and rather violent.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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