Chart of the Week: Evercore
Good morning everybody. Happy Wednesday. It’s time for our chart of the week, and this week we’re focusing on investment manager and analyst company, Evercore, Evercore Partners. EVR is the symbol. Let’s take a look at this chart. It had a nice breakout the other day.
Take a look at the chart over here. You see a nice series of higher highs and higher lows. A bit of a pullback here, which is your textbook cup-and-handle pattern. And then we have resumed this uptrend again, so higher highs, higher lows in the process here.
Really good relative strength. Look – even when the stock pulled back a bit from an overbought reading, it never went below 50, which is a positive, which is very bullish.
Last couple of days we’ve seen some nice volume trends over here. We did see some good volume up here back in May.
Money flow always positive here for the past three months; above the zero line.
And then finally, the on-balance volume, which has been reaching high levels in May and sustaining those high levels too.
Nothing wrong with this one. In fact, it just broke out on Monday the 23rd of June, above the 200 day moving average on some good strong turnover. It was basing here, making a wedge, making higher highs and higher lows, and it finally broke out on the 23rd.
So we look for some new highs up here. I think the stock has some room to get up to about $300, which would be another 20% from current levels – about $255-256.
So take a look at Evercore; EVR is the symbol. Thanks so much for watching everyone.
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