Otis Worldwide Is Poised to Move to a Higher Floor
Shares of this elevator and escalator company are poised to rise to triple-digit levels.
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Otis Worldwide Corp. OTIS is a recognizable brand that you see in many buildings. The Connecticut-based company is the world's leading company for elevator and escalator manufacturing, installation and service.
Let's check out the charts and indicators.
In the daily bar chart of OTIS, below, I can see that the shares are poised to challenge the $100 level. OTIS trades above the flat 50-day moving average line and above the rising 200-day moving average line.
The On-Balance-Volume (OBV) line shows a rising pattern since early November and tells me that buyers of OTIS have been more aggressive than sellers. The trend-following Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In the weekly Japanese candlestick chart of OTIS, below, I can see an uptrend from the low of 2022. The shares trade above the rising 40-week moving average line.
The weekly OBV line has moved higher with the price action the past two years. The MACD oscillator is in a bullish alignment above the zero line.
In this daily Point and Figure chart of OTIS, below, I can see an upside price target in the $124 area.
In this weekly Point and Figure chart of OTIS, below, I used a five-box reversal filter and here the software suggests a price target in the $158 area.
Bottom-line strategy: OTIS shares look ready and able to challenge and break above the $100 area. Traders could go long at current levels risking to $93. The $124 area is my first price target for now.
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