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- 1 GPN stock price surpassed $100 showing strength on the charts.
- 2 Buyers are gaining traction and looking to stretch the rally toward $120.
The price of Global Payments Inc. (NYSE: GPN) stock showed a breakout of the trendline above the round mark of $100 in the past sessions. Recently, the stock price retested the 200-day EMA, looking for a bounce to extend the rally toward $120. The chart shows a double bottom pattern whose neckline was broken. The trajectory highs of $120, followed by $125, will be retested in the subsequent sessions.
GPN stock released the Q2 earning results yesterday evening, per the estimates. The total revenue increased by 6.32% to 2.29 Billion (YoY), and EBITDA rose by 5.53% to 927.35 Million. The positive sentiment of the results was noted on the charts with a gap up opening.
Global Payments, Inc. engages in the provision of payment technology and software solutions. It operates through the following segments: Merchant Solutions, Issuer Solutions and Business & Consumer Solutions. The Merchant Solutions segment provides payment technology and software solutions to customers globally.
It also provides a variety of value-added services, including specialty point-of-sale solutions, analytic and engagement tools, payroll services and reporting that assist customers with driving demand.
The Issuer Solutions segment provides solutions that enable financial institutions and other financial service providers to manage their card portfolios, reduce technical complexity and overhead and offer a seamless experience for cardholders on a single platform.
At press time, GPN stock is trading at $116.10 with an intraday gain of 5.31% with a gap-up opening showing bullishness on the charts. Moreover, the trading volume is 2.876 Million, and the market cap is $30.761 Billion.
Analysts maintained a buy and overweight rating with a yearly target price of $137.03, indicating a positive outlook.
GPN Stock Showed Bullishness On Daily Charts
On the daily charts, GPN stock price noted a gap-up opening. The chart shows the path curve, delivering the roadmap toward $125 for the following sessions. The price action favours the buying, and long buildup activity was noted on the charts.
GPN stock rose sharply by more than 5% intraday. After the Q2 results the sellers were trapped, and an indication of short covering move was suggested on the charts. As per the Fib levels, GPN stock price bounced from 38.2%, surpassing neutrality levels. Moreover, the price is trading near the upper bollinger band, and if it overtakes $120, it will lead to a massive breakout in the following sessions.
Short Term Charts Suggest Positive Outlook
On the 4-hour charts, a long bullish marubozu candle was noted in the intraday session, showing the buyers’ momentum and bullishness.
The RSI curve sharply rose toward the overbought zone and noted a positive crossover indicating bullishness and a rally in the following sessions.
The MACD indicator showed a bullish crossover and green bars on the histogram indicating buyers’ strength suggesting a positive outlook on the charts.
Conclusion
Global Payments Inc. (GPN stock) shows buyers traction and bullishness with a gap up opening in the intraday session. If the price sustains above $115, it will lead to momentum shift toward $120, followed by $125 for the upcoming sessions.
Technical Levels:
Support Levels: $110 and $105
Resistance Levels:$125 and $130
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
