CARR stock price has been stuck in a consolidation zone ranging between $40.50 and $48.50 since the start of 2023. During the beginning of June, the stock reached the support level of $40.50 and commenced a bullish rally.
The high bullish momentum helped the price in shattering the major resistance level of $48.50 and in forming a 52-week high at $49.69. Currently, the price is headed toward a major psychological level of $50 which might act as an immediate resistance level for the price.
If the price can rise above $50, the resistance level for the price is at $54.30 which will cause a rise of roughly 8% in the price. On the other hand, if the price rejects $50, there can be a short-term pullback in the price for retesting the previous zone towards the $48.50 level.
Quarterly Report Analysis Of Carrier Global Corporation
The first quarter’s results also helped the price in gaining bullish momentum as Carrier global Corp. was able to beat the consensus estimate of both revenue and Earnings per share (EPS). The consensus estimated the revenue to be $5.051 billion while Carrier global Corp. reported a revenue of $5.273 billion. The estimates of EPS was $0.483 while it turned out to be $0.52.
Quarter 2’s report will be released on July 27. The consensus has estimated the revenue to be $5.829 billion and the EPS to be $0.769. The market capitalization of Carrier Global Corp. has reached $41.316 billion and the dividend yield is 1.50%.
Will CARR Stock Price Rise Above $50 in the Next Week?
The stock price trades above the 20,50,100 and 200-day EMAs, indicating bullish momentum in the price. The chaikin money flow is surging and is currently at 0.41, indicating strong strength in the market. CMF has been above the 0 mark since the start of June, which suggests that there is strong bullish momentum in the price.
However, there is concern regarding the recently formed candle as they have a small body which indicates decrease in the bullish momentum. Relative strength index (RSI) trades in the overbought zone, indicating possibility of short-term pullback in the price. The bullish momentum is strong so there is very little possibility of any reversal.
The stock price has been rising with the upper band indicating how strong the bullish momentum is. Even though, price has reached near the upper band, there are no significant signs of pullback in the price.
Conclusion
The market structure and price action of Carrier Global Corporation is highly bullish but there is concern regarding the recent candle which has a small body, indicating a decrease in bullish pressure.
Technical levels
Major support: $38 and $40.50
Major resistance: $50 and $54.30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They 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/2023/06/30/carrier-global-corp-carr-stock-price-surged-21-in-june/