Stock of the day: Garmin
29 June 2023
The Garmin stock chart currently exhibits interesting trends as it attempts to defend a key support level. If buyers fail to maintain this level, we may witness a valid long-term sell signal.
Looking at the broader picture, Garmin has been in an uptrend since mid-October 2022, upheld by a black uptrend line. Recently, around mid-June, the stock touched a significant horizontal resistance at 108.5, indicated by an orange color on the chart. Following this touchpoint, the price reversed and is now undergoing a test of two converging support levels.
At present, the stock price remains above this conjunction of support lines, suggesting that the opportunity for a bullish wave still persists. However, traders should exercise caution and stay alert for any signs of market weakness. In case the stock ends a trading day below these support levels, this would likely represent a reliable long-term sell signal.