Breakout Play: Invesco
Jason Lubin October 3, 2020 1:10 AM
Trian Fund Management accumulates 9.9% stake in Invesco.
On Friday, Invesco (IVZ), a provider of investment management services, gapped up 5.6% at the opening bell after The Wall Street Journal reported that Trian Fund Management has accumulated a 9.9% stake in the company.
Looking at a daily chart, Invesco's stock price has just broken out to the upside of a resistance band ranging from 11.56 to 11.78 that price has been holding beneath since June. Price has also penetrated above its 200-day simple moving average (SMA) and the RSI is showing upside momentum. As long as the closing price can hold above the lowest level of the resistance band at 11.56 price will likely advance. If price can reach its 14.00 resistance level and breakout to the upside, we could see a run for 15.50. If price can get above 15.50, price could continue rising. If price closes below 11.56, then the breakout has failed. Price will then probably re-enter its consolidation area under the resistance band and above 9.70. If price holds above 9.70 it could potentially try for another breakout above the resistance band. If price breaks out below 9.70, it would be a bearish signal that could send prices tumbling down.
Source: GAIN Capital, TradingView
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.