Driving Oshkosh Higher
Dragonfly Capital | Nov 09, 2015 11:44PM ET
Oshkosh (N:OSK) does not make little kids overalls. Far from it. There make machines. Big machines that can go anywhere and do anything. The last time I wrote about them in April, the stock looked ready to move and it it did. A move higher of 14% following this.
Since that pop, the stock has sold off, making a bottom in late July and early August. That led to a consolidation period that started in late August. The stock has been making higher lows in consolidation since then and formed an ascending triangle.
Monday the stock sits at the top of the triangle and has been there for 6 days. The momentum indicators are mixed. Both are in the bullish range, but the RSI is rolling lower. If it can shift into a lower gear and gain some power, a break of the triangle to the upside targets a move to 52.80. That would be a 23% move higher. Wait for the trigger, but be prepared to fasten your seat belt. These trucks can drive anywhere.
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog. Please see my Disclaimer page for my full disclaimer.
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