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by Darius Anucauskas

Is Atos SE Stock Ready To Go For A Higher High?

Is Atos SE Stock Ready To Go For A Higher High? | Technical Analysis

The stock of the French IT services giant, Atos SE (EPA: ATO), is currently balancing slightly below its key resistance area, at 79.40.  After the share price opened with a huge downside gap on May 3rd, 2019, it kept coming back close to that level, but struggled to close above it. Today, ATO is once again close to testing that barrier, a break of which may give hope for new potential buyers. Another positive sign is that the stock continues to balance above its medium-term upside support line drawn from the low of October 3rd, this way forming higher lows. Despite everything mentioned above, we will wait for a daily close above the 79.40 zone first, before getting comfortable with higher areas.

As mentioned above, a daily close above the 79.40 hurdle would confirm a forthcoming higher high and more buyers could be joining in, which may help to drive ATO even further north. That’s when we will aim for the 82.60 obstacle, a break of which may set the stage for a move to the 89.92 level, in order to fill the May-2019 gap. That level marks the low of May 2nd, 2019.

The RSI and the MACD on the daily chart seem to be in support of the upside. Despite the MACD being slightly below the trigger line, it once again started pointing higher, while sitting above zero. The RSI is above 50 and points higher.

Alternatively, if the aforementioned upside support line breaks and the share price slides below the current low of this week, at 74.50, this may spook new potential buyers and could force a few existing investors to get rid of some positions. The stock could then drift to the 72.50 obstacle, a break of which may clear the way to the 70.84 zone, which is the low of November 21st. If there are still not many takers of the stock at that price, a further moves south may test the 68.18 level, marked by the low of November 6th.

Atos SE stock daily

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