Chart of the Day: This New Diplomat Could Be Prepping for Takeoff
Mortgage market season is upon us and Rocket Companies stands ready to deliver.
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We added some new companies to our EPS Diplomats and a surprise entrant was one of the largest retail mortgage companies is America: Rocket Companies (RKT) . Rocket deals in lending, real estate, research, and finance and title insurance. It's basically a whole suite of services to the home buyer. Now, one would think that with rates not moving down and home prices still elevated that business for Rocket would be challenging. Â
That would be true, but the best managers come through and figure out a way to win, and Rocket has a deep bench of experienced managers to make sure their bottom line is secure.
The stock chart is not bullish, but maybe the tide is starting to turn for the bulls. A strong move up on stochastics of the bottom as seen in pane five, is notable along with a quiet moving average convergence divergence (at the second pane) in a buy signal. The chart shows a pink candle, but as we can see the action on Thursday was very positive. A few more bullish days and this candle will turn teal and likely blue. Resistance is at $18 but through there we see a run to $22 (old highs in January).
As a member of the EPS Diplomats, RKT is not rated.
Related: Looking to Sell This Small-Cap Space Name in a Tentative Market
At the time of publication, TheStreet Pro Portfolio was long RKT.
