Fulton Financial Corporation : Double top configuration
By Alexandre Nutte
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
$10.58 | $0 | $10.8 | +100% |
For fiscal year 2011, the company has published a net income of $146 million and sales of $576 million. From a fundamental viewpoint, analysts polled by Thomson Reuters’ consensus has recently downgraded several times the earning per share revisions and the revenue revisions.
The stock has made a strong start to the early march with a breakout from an accumulation zone around USD 9.8, a convergent point of the three moving averages which exerted a pressure on the share. Now the technical configuration shows a double-top formation.
In this context, we have lost no time in downgrading this stock to sell with an initial target price of USD 9.4. Moreover we suggest a stop-loss at USD 10.8.