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- 1 EFX stock is showing a rounding bottom pattern on the daily charts.
- 2 Bulls are showing massive strength and are ready to launch.
Equifax share (NYSE: EFX) price was trading in the bullish territory and continued to attain momentum from the previous sessions. The chart structure shows a rounding bottom pattern which led to a round shaped recovery from the support of $180, thereby continuing to be in an uptrend.
The price action shows that EFX stock has held on to its gains near the crucial resistance mark of $240. The buyers are in perfect shape, forming a hammer candlestick and rising from the 20-day EMA mark showing signs of a breakout.
Equifax Inc. is a global data, analytics, and technology company. The company provides information solutions and human resources business process outsourcing services for businesses, governments, and consumers. It operates in four segments: U.S. Information Solutions, International, Workforce Solutions, and Global Consumer Solutions.
Its products and services are based on consumer and business information databases derived from various sources, including credit, telecommunications and utility payments, employment, demographic and marketing data.
At press time, EFX stock was trading at $232.63 with an intraday gain of 1.70% showing bullishness. The intraday trading volume was 768.467K, and the market cap of $28.531 Billion.
Daily Charts Shows Rounding Bottom Pattern
On the daily charts, EFX stock is on an uptrend and the buyers are willing to escape multiple tops above $240. Furthermore, the chart structure is bullish, and the price continues to stay above significant moving averages.
As per the Fib levels, the 61.8% level at $238.00 acts as an essential range to surpass, which investors are watching. Furthermore, EFX stock is trading in uncharted territory, and price action shows that the downside is capped till the strong support of $200. However, there is a broader range of targets upwards – $250 followed by $260.
What Do the Indicators Say?
On the 4-hour charts, Equifax stock is near a breakout, and a decisive move can occur in the following sessions. Furthermore, buyers are gaining traction from the previous trading sessions and have held on to their gains on the top.
The RSI curve riding toward the overbought zone showed a positive divergence, indicating follow-on buying which led to a breakout in the previous sessions.
The MACD indicator starts to form a green bar showing a bullish crossover favoring the bulls.
Conclusion:
EFX stock is holding on to its gains and waits for the buyers to break through the $250 resistance.
Technical Levels:
Support Levels:$200
Resistance Levels:250
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
