Looking for 6% Upside in Lazard

Financial stocks have done pretty well this year. Well until September 1st that is. But after the shakeout down to the October low most have started to recovered. One that has languished a bit is the investment band Lazard, $LAZ. It has basically moved sideways since October 23rd. But the chart now shows 4 reasons that it might be due for a 6-7% move higher.

laz

The first indication is the double triangle pattern. This is bearish Bat harmonic pattern, but does not confirm to be bearish until the price reaches the Potential Reversal Zone (PRZ) at 54.25. So the pattern looks to continue until then. Second the Bollinger bands went through a contraction and are now expanding to the upside, allowing the price to move higher. Third, the momentum indicators RSI and MACD are moving higher and in the bullish range. Finally a Measured Move would target just above the PRZ at 54.40. A final kicker would be if the 50 day SMA crossed up through the 200 day SMA, a Golden Cross. That looks only a couple days away.

How does a 6-7% move look to you?

 

Want to learn more about Dragonfly Capital Views?
Dragonfly Capital Views Performance Through October 2014 Expiry and sign up here

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

blog comments powered by Disqus
Dragonfly Caps Blog