Look at C paying up nicely today in the day about 6.78% after reporting earnings after the bell yesterday. As you see they had a double beat on EPS as well as revenue. Nice rewarded push today.
But where did price stop and come to a rest? Under the top range of this parallel channel. That's the power of these things, guys. And I flip over to the weekly time frame. We see Cay literally up up and away from the beginning in 2011.
So this stock, as you see on the RSI, on the weekly overbought in the near- term, 70.48, due for a pullback even with the pullback that occurred today. So that tells me in the most optimistic situation here with Cpay, we're likely going to be consolidating here for quite some time, building up momentum, lowering this RSI before we can break up.
That's the most optimistic situation. But if you want to be more realistic, you go back here on the chart and see what happened last time price got extended and hit itself into the top end of this parallel channel.
We came right back down to that 50. So, that's a little bit more likely uh for a little bit more selling pressure to occur considering the nature of this chart, how overbought it is, right into long-term uh resistance.
First area support will be right on top of this consolidation right around 420 on the chart.