Market News & Analysis
Earnings Play: Coty
Jason Lubin May 9, 2020 12:33 AM
Looking at a daily chart, Coty's stock price recently broke to the downside of a symmetrical triangle pattern that began in mid-March and ended in late April. Price is currently below the 20, 50, and 200-day moving averages. A retest of the 50-day moving average as resistance is possible therefore we have placed a stop at the $6.00 level. If price fails to break above the $6.00 level then it is more likely that price will pull back and continue downward creating a descending channel. We would then anticipate prices to reach $4.25 and likely revisit the 2020 lows at $3.00.
Source: GAIN Capital, TradingView
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