Moody’s Corporation (NYSE: MCO) on the Daily Chart has been in an uptrend since 27 January 2020 when it registered the low price at $261.27, followed by a series of higher tops and higher bottoms.
On 29 March 2021, Moody’s stock recorded the high price of $307.71.
When applying Oscillator Analysis to the price chart, one can see that price is trading above the SMA 60 period Moving Average line, a fact which confirms the stock’s upward bias.
Furthermore, the Moving Average/Convergence Divergence (MACD) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument.
In addition, the Relative Strength Index (RSI) Oscillator registers values above the fifty line which indicates positive sentiment. All three technical indicators are in agreement with regards to the bullish sentiment of MCO.
Three price targets may be calculated upon applying the Fibonacci tool to the price chart.
- The first price target is estimated at $311.20 (161.8%).
- The second price target is seen at $327.61 (261.8%).
- The third price target is projected at $354.16 (423.6%).
MCO is currently trading above the uptrend line. The presence of the Morning Star pattern hints at a potential rally to the upside.
Of course, supply and demand as well as the crowd sentiment will determine the future course of Moody’s stock price.
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