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XRAY – Reversal Play

By
"Danno" Sheehy
Equity Strategist

Dentsply Sirona, Inc. (XRAY) is another overbought stock approaching a key resistance level. Please observe the chart below.

XRAY closed higher for the fifth consecutive day yesterday. This follows a seven day run of consecutive higher closes from recent lows (orange arrows). XRAY is now within 1-2 days of closing the open gap formed on a disappointing earnings announcement in early August (green oval). If the stock reaches this level, longs (particularly those who initiated at levels within the blue rectangle) will be very happy for the opportunity to sell the stock after suffering the post earnings drop. This, combined with profit takers from the move off the bottom should cause XRAY to reverse back lower.

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Written by "Danno" Sheehy

Danno is the editor of the ShadowTraderPro Swing Trader and is the developer of the ShadowTrader Sector Trend Scores and also the infamous ShadowTrader Money Flow indicator. Check out the full version of the Swing Trader newsletter daily at www.mytrade.com/shadowtraderproswing

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