Starting tomorrow which direction will Wall Street take – Photo from pexels.com
By analyzing the historical series from 1898 to today we realized that the most important groups in a week are essentially two: on Wednesdays and Fridays. The first confirms or not the trend of the previous days, while the second, with the closing of the session, generates effects on the following week. This is why today’s trading day is very important. What direction will Wall Street take from tomorrow? In our opinion, a new bullish trend is not yet clear on the charts even if the oscillators present bullish divergences. From what has just been written it can be deduced that the graphic picture is uncertain and anything could happen given the state of the places. This is why perhaps only Friday will clarify the situation and give reliable indications until the end of the emergency.
Bet on Vestis Corp.?
Jefferies, in a recent message to clients, analyzed the significant drop in the stock value of Vestis Corp. (VSTS) after it lowered its revenue and earnings forecasts for the fiscal second quarter. Despite the excessive decline, analysts believe that the buying opportunity for the stock is interesting, as investor expectations seem to react too negatively. Vestis’ forecast revision was driven by price cuts and slower-than-expected growth in sales volume. Analysts believe that investors’ disappointment was excessive, while maintaining a positive view on Vestis’ long-term prospects thanks to its strategic improvement plan and attractive stock valuation. Although expectations for 2024 have been scaled back, continued efforts to increase sales and reduce costs are expected to improve efficiency and contribute to revenue growth in the near future.
Here’s how the company is valued by analyst consensus:
Accumulate average recommendation
Number of analysts 8
Last closing price 9.41 USD
Average target price $15.50
Difference / Average Target +64.72%
Study of the graph
Since the beginning of the year, the shares have recorded a minimum of 8.92 and a maximum of 22.32. Further short-term retracements are likely at the moment. In the very short term, the decline would lose strength with returns above $18.99.
What direction will Wall Street take from tomorrow? Price levels to monitor from now on
The trading day of May 7 closed at the following prices:
Dow Jones
38,884.26
Nasdaq C.
16,335.46
S&P500
5,187.71.
The short-term trend continues to remain bearish. New increases with weekly closings above the following levels:
Dow Jones
39,013.20
Nasdaq C.
16,539
S&P500
5,235.
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