Ecolab Inc. (NYSE: ECL) ECL share price witnessed a sharp rebound from the demand zone of $160 and has surpassed the significant moving averages indicating the buyers accumulation in the past sessions. Moreover, the price action has witnessed the long buildup, where sellers got trapped and are covering their short positions due to sharp bounce. Furthermore, the ECL stock has attained strength and is approaching the bullish trajectory now.
ECL stock is close to the resistance zone of $185, from which the buyers are trying to escape. $200 is the next likely level. The ongoing trend shows that ECL stock has noted a positive reaction of the Q3 earnings result and witnessed a recovery. ECL stock was in a correction phase and has retested the support zone of $160. Thereafter, bulls regained their muscles and succeeded in rebounding from the lows.
Ecolab, Inc. engages in the provision of products and services in the field of water, hygiene, and energy. It operates through the following segments: Global Industrial, Global Institutional & Specialty, Global Energy & Life Science, and Other. The Global Industrial segment consists of the water, food and beverage, paper, and downstream operating segments. It offers water treatment and process applications, and cleaning and sanitizing solutions to industrial customers within the manufacturing, food and beverage processing, transportation, chemical, primary metals and mining, power generation, pulp and paper, commercial laundry, global petroleum, and petrochemical industries.
Will The Rebound Sustain Above $180?
On the daily charts, ECL stock price is trading in the bull territory and has surpassed the significant moving averages delivering the bull dominance in the past sessions. Moreover, the sellers are now in fear and are covering their short positions, leading the bounce, and giving strength to the bulls. The chart showcased the falling wedge breakout and is gaining momentum now.
Per the options chain data, ECL stock witnessed a fresh long buildup and buyers are looking strong now and have gained momentum in the past sessions. Furthermore, the stock is trading above the 50% Fibonacci retracement level and is near the upper bollinger band. Moreover, the price recovered from the support zone of $160 and is heading to the round mark of $200.
The RSI curve stayed in the overbought zone near 78 and is showing positive divergence with bullish dominance. The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a favorable bullish outlook for the upcoming sessions.
Summary
ECL stock price has surpassed the significant moving averages and has gained strength since the announcement of the Q3 earning results and is heading to claim the round mark of $200. Furthermore, the sellers look trapped. The buyers are taking advantage by making fresh long positions and are trying to surpass the immediate hurdle of $185, the supply zone.
Technical Levels
Support Levels: $170 and $160
Resistance Levels: $185 and $200
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/14/ecl-stock-nyse-ecl-gains-momentum-will-bulls-scratch-200/