Open Text Corporation : The bullish trend is not over
By Camille Chretien
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
CA$58.19 | CA$0 | CA$57.1 | -100% |
Technically, the security shows a bullish configuration on all time scales. Prices are near to the CAD 58 short term support and should be soon supported by the 100-day moving average. Thus, the stock may bounce towards the CAD 60.4 resistance.
In consequence, investors can take a long position in Open Text with a first target price at CAD 60.4. A new bullish fluctuation could lead the security toward its highest level in case of breakout of this resistance. A stop loss will be fixed under the CAD 58 short term resistance.