Chart of the Day: The Future Looks Rosy for This Bullpen Stock
This name has been in a nice uptrend but has met some resistance at the 200-day moving average. Here's what to watch.
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A solid move recently by Pro Portfolio Bullpen name Bright Horizons Family Solutions BFAM has this chart looking quite good. In fact, notice the candles have moved to teal, which is cautiously bullish.
That is quite the change from recent trends which have been bearish since the start of October. No question that huge drop in November on big volume is in the way of Bright Horizons moving higher, but first things first.
The indicators are in pretty good condition here, with the MACD (moving average convergence/divergence) on a buy signal, money flow back in bullish territory and the stochastics overbought (momentum).
Could the stock come back to test some lower support? Absolutely, and with the resistance from December's highs that might set up a buying opportunity.
At the time of publication, TheStreet Pro Portfolio had no positions in any securities mentioned.
