Yesterday, we took a look at the pullback in Xpel, Inc. (XPEL) and decided to wait for support before looking for a buy signal.
Today, we’re going to look at Shutterstock, Inc. (SSTK).
SSTK licenses online media in the form of pictures, illustrations, videos and music all over the world.
After forming a low-level base through most of the spring, SSTK broke out to the upside in late July and quickly slammed outside the upper Keltner Channel.
While this is a sign of an increase in momentum, it also signaled that SSTK was overbought.
Let’s see where SSTK stands now by taking a look at the daily chart below:
Profit taking came in and pulled SSTK back inside the Keltner Channel. Price is holding onto support from the midline of the channel.
This puts SSTK on immediate watch for a buy signal.
See ya tomorrow!
Analyst, Chart of the Day