Strength on PCAR stock Paccar Inc. stock looks strong. We can see that since October 2024, the largest volume occurred after publishing earnings reports or on ex-dividend dates. Please note that:
- All bars on those days are down with the closing price in the middle of the bar which in Volume Spread Analysis (VSA) indicates strength.
- The volume on the October 22nd 2024 daily bar is the largest till now and the current price is above it.
- All professional activity after October 2024 is happening around the buying zone created during the October 22nd bar (blue rectangle $104.38 - $104.91).
- Recent buying (February 12th) breaks the previous low ($102.64) and recovers above that level which is a Wyckoff's Spring.
This all is very bullish. Still, the last testing showed the presence of supply.
If professionals can absorb the supply, we may expect a rally towards $116.01 - $117.83 with potential resistance in the $112.18 - $114.73 zone. Otherwise, another leg down to $100.01 for more buying is possible.