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- 1 PCAR stock is trading close to the 20-day EMA and is looking for a breakout.
- 2 Buyers are attempting to reach the round mark of $100.
PACCAR Inc. (PCAR stock) price chart shows the flag & pole pattern. The price is near the trendline suggesting a breakout in the following sessions. Moreover, the price action shows that PCAR stock persisted in rising in the past sessions and gained traction, surpassing the ongoing clusters decisively. Furthermore, the stock has shown a breakout in the past sessions and continued to stretch the uptrend, which trapped sellers and showed a rally on the charts. PCAR stock is trading above the 50-day EMA but faced the 20-day EMA, a barrier to extending the up move toward $100.
PCAR stock is trading in the bull territory, favoring the bulls and indicating a positive outlook on the charts. However, the stock is trading in an uptrend, but since the release of Q2 earnings, the stock is stuck in a narrow range and looking to exit the cage above $90. The technical structure is bullish, and buyers are also active, making long build-ups and favouring an up move.
At press time, PCAR stock price was $84.93 with an intraday gain of 0.41%, showing bullishness on the charts. Moreover, the trading volume increased by 0.98% to 1.656 Million, and the market cap is $44.022 Billion.
However, analysts maintained a neutral rating with a yearly target price of $90.41.
PACCAR, Inc. is a global technology company that designs and manufactures light, medium, and heavy-duty trucks. It operates through the following segments: Truck, Parts and Financial Services. The Truck segment designs and manufactures heavy, medium, and light-duty diesel trucks marketed under the Kenworth, Peterbilt, and DAF brands.
The Parts segment distributes aftermarket parts for trucks and related commercial vehicles. The Financial Services segment provides finance and leasing products and services to truck customers and dealers.
PCAR Stock Price Action On Daily Charts
PCAR stock price action shows buyer dominance and continues to form higher highs sequences on the daily charts. However, the price faces rejection near the 61.8% Fib level, retested the 50% zone and hovered near $85 from the past sessions.
However, the structure is strong, and further follow on buying can be seen toward the upper trajectory of $90, followed by $100. The RSI curve is near the neutral region and shows a bullish divergence indicating a further rise toward $90 on the charts.
The MACD indicator showed a bearish crossover, and the red bars on the histogram suggest that sellers are interested in a down move. Still, the price is consolidating in a narrow range, making the battle exciting.
Conclusion
PACCAR Inc. (PCAR stock) price is trading close to the upper trendline, showing a flag & pole pattern on the charts. Moreover, the trend is strong. Buyers are holding the gains, which suggests that further follow-on buying can be seen toward the upper trajectory of $90 in the following sessions.
Technical Levels:
Support Levels: $80 and $75
Resistance Levels: $90 and $100
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
