Fleetcor Technologies stock (FLT) price surged beyond the barriers, and a massive short-covering move was noted on the charts. After breaking the symmetrical triangle pattern, the stock gained momentum and escaped a major hurdle of $250, which buyers had tried for months. Furthermore, the breakout happened with a gap-up move, which trapped sellers.
The chart structure shows bullishness, with FLT stock in a strong uptrend, and further highs can be retested in the upcoming sessions based on the ongoing traction in the stock. The price action shows higher highs sequences, and the stock trading above the key moving averages. FLT stock is climbing the uptrend and has established a vertical rally in the previous sessions.
Fleetcor Technologies Inc. is a provider of specialised payment products. The company offers fleet cards, food cards, corporate lodging discount cards, and other specialised payment services. Fleetcor’s systems enable customers to manage and control their commercial payments and loyalty-card programmes. Customers include commercial fleet operators, major oil companies, petroleum marketers, and government entities.
Further, Fleetcor offers customised analysis solutions to its clients, offering business productivity tracking capabilities. North America is the largest geographic operating region.
At press time, FLT stock is trading at $260.50 with an intraday gain of 1.02%, showing a continuation of the rally in the last session. Moreover, trading volume increased by 1.23% to 413.775K, and the market cap is $19.234 Billion.
Daily Charts Shows Price Rallying Beyond Barriers
FLT stock surged by more than 50% from the start of 2023, extending the gains. Moreover, the stock defended the lower highs decisively by retesting the 20-day EMA in the previous weeks and rebounded.
However, the stock is near the prompt resistance of $265, where a tweezer top candlestick was noted, showing a rejection. Furthermore, the previous candle closed above the upper bollinger and indicated bullishness.
Short Term Charts Show Massive Bullishness
On the 4 hours chart, FLT stock has been riding in an uptrend, and bulls are showing dominance. Moreover, the leading indicators suggest buyers are gaining traction and accumulating gains.
The RSI curve rose sharply above the overbought zone near 65, and a positive divergence was noted on the charts indicating bullishness is likely in the following sessions.
The MACD indicator also persisted to form green bars, and a bullish crossover was noted, signalling that a bull move is coming up.
Conclusion:
Fleetcor Technologies stock (FLT) is ruling the uptrend and surpassing the ongoing hurdles decisively, showing buyers have strong momentum and are unwilling to pause the rally.
Technical Levels:
Support Levels: $245
Resistance Levels:$265 and $285
