StoneCo May Have Turned HigherStoneCo has been stuck in a range since crashing in 2021, but some traders may think it’s turning back to the upside.
The first pattern on today’s chart is the series of lower highs since early last year. Prices have apparently broken that falling trendline.
Second, the Brazilian fintech jumped on a strong quarterly report last month and continued higher after a pullback. That could reflect improved fundamentals.
Third, the 8-day exponential moving average (EMA) is above the 21-day EMA. MACD is also rising. Those signals may be consistent with a short-term uptrend.
Fourth, the 50-day simple moving average (SMA) is nearing a potential “golden cross” above the 200-day SMA.
Finally, Latin American stocks have outperformed in recent weeks. Brazil, in particular, has seen economic growth forecasts increase.
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