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On December 22 I wrote about Hologic (HOLX) and Duck Creek Technologies (DCT) as my two stock picks for 2021. Traders should have been able to buy the early 2021 dip in DCT to $40 as per our recommendation. Prices have climbed to the $58 area so a check of the charts in order.
In this daily bar chart of DCT, below, we can see that prices have been strong since early January. Prices are above the rising 20-day and 50-day moving average lines. The daily On-Balance-Volume (OBV) line shows strength from early November and the Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this Point and Figure chart of DCT, below, we can see a potential price target in the $60 area.
Bottom line strategy: I will assume that traders went long DCT in early January when it dipped to $40. A sell stop at $49 seems like a good location. $60 is our Point and Figure target so far.