Aflac Inc. (AFL stock) price persisted in riding the gains inside the rising parallel channel and extended the gains. Moreover, the price action favors the bulls and suggests a rise toward $100 for the upcoming sessions. Furthermore, the stock has shown a breakout above the neckline of $72 in the last session. However, buyers faced pressure to extend the rally and retraced toward the 20-day EMA retesting the zone.
The chart shows that AFL stock is trading in a strong uptrend and continues to extend the gains making higher highs for the past sessions. Moreover, the buyers persist in outperforming. The trajectory shows that the stock has risen and is above the significant moving averages. Recently, the stock posted Q2 earnings which were above estimates, resulting in a breakout. But the price fell to fill the gap and headed to retest the 20-day EMA.
At press time, AFL stock price is trading at $75.83 with an intraday gain of 0.13% showing bullishness on the charts. Moreover, the trading volume remained at 1.608 Million, while the market cap is $45.084 Billion. However, analysts maintained a neutral rating with a yearly target price of $75.
Aflac, Inc. is a holding company that engages in the provision of financial protection services. It operates through the following segments: Aflac Japan and Aflac U.S. The Aflac Japan segment offers life insurance, death benefits, and cash surrender values.
The Aflac U.S. segment sells voluntary supplemental insurance products for people with significant medical or primary insurance coverage. The company was founded by John Amos, Paul Amos, and William Amos on November 17, 1955, and is headquartered in Columbus, GA.
AFL Stock Riding Inside the Channel On Daily Charts
On the daily charts, AFL stock price is trading above the 61.8% fib level and targets to catch the channel highs near $80. As the buyers gain momentum, the stock could make the $100 mark in the upcoming sessions. Moreover, the price is close to the upper bollinger band, signaling bullishness on the charts.
What Technical Indicators Say?
On the 4-hour charts, AFL stock price broke out in the past sessions indicating bullishness. However, the stock has retested the 20-day EMA and is looking to revisit the swing of $80.
The RSI curve showed a fall from the overbought zone and formed a negative crossover on the charts. However, the chart suggests a bullish divergence and indicates that the rally will resume towards $80, followed by $90 in the subsequent sessions.
The MACD indicator showed a bearish crossover due to the profit booking in the last session. However, the trend is strong, and buyers want a bounce to retain the bullishness.
Conclusion
Aflac Inc. (AFL stock) price persists in surging and riding the gains in a strong uptrend for the past months, indicating bullishness on the charts. Moreover, the chart suggests a strong chart structure and a rise toward the upper trajectory of $100 for the following sessions.
Technical Levels:
Support Levels: $70 and $60
Resistance Levels: $80 and $90
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.
Source: https://www.thecoinrepublic.com/2023/08/17/aflac-inc-afl-stock-price-persist-in-surgetargeting-100/