The price of Ecolab Inc. Stock (ECL) closed above $185, forming a bullish marubozu candle and signalling a breakout in the last trading session. Furthermore, the stock is in a strong uptrend defending the lows near the lower trendline, beating the bears decisively. The sellers are trapped now and covering their short positions resulting in the short-covering rally in the stock.
The floating price action signals a fresh breakout, and if follow-on buying arises, the stock will head toward the trajectory mark of $192, followed by a strong resistance mark of $200.
Ecolab Inc. provides water, hygiene and infection prevention solutions and services. The Company’s cleaning and sanitizing programs and products and pest elimination services support customers in food and beverage processing, hospitality, healthcare, government and education, retail, textile care and commercial facilities management sectors. Its segments include Global Industrial, Global Institutional & Specialty and Global Healthcare & Life Sciences.
At press time, ECL stock was traded at $186.96 with an intraday gain of 1.68% showing bullishness on the stock. Moreover, the intraday trading volume increased by 4% to 1.366 Million showing that investors are gaining interest in the stock. The rise in momentum and the higher highs and higher lows formation gave a firm conviction that ECL stock is getting ready to make the $200 soon.
The stock moved vertically, consecutive buying was noted over the last few sessions, and the stock surged by over 15% this month and stayed in bullish territory.
Will ECL Stock Overtake $200?
On the daily charts, ECL stock continued to hold the gains and remained over the top, showing a bullish chart structure. Furthermore, the buyers continued to make long positions and attempted to reach $200 in the upcoming sessions.
Moreover, the stock closed the previous trading candle above its upper bollinger band and suggested a strong breakout. ECL stock is trading above the significant moving averages and remains in an uptrend.
Short Term Charts Shows Massive Inclined Action
On the 4-hour charts, ECL stock smashed above multiple tops and gained traction in the past sessions. Moreover, the trading volume showed a sharp spike indicating the interest of investors rose.
The RSI curve rose sharply above the overbought zone and is near 73 showing massive buying happening in the stock overnight. Furthermore, the stock is trading in uncharted territory, where the upside has opened, and the downside is capped till $175.
The MACD indicator also favors the bulls and persists in forming green bars, suggesting an imminent bull ride.
Conclusion:
ECL stock closed above $185, signalled a breakout, and will touch $200 in the upcoming sessions. Moreover, the chart structure favors the bulls and is in an uptrend.
Technical Levels:
Support Levels: $175
Resistance Levels: $200
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/02/ecolab-stock-surpassed-185-signalling-a-breakout-nyse-ecl/