SS&C Technology Preparing To Move Higher
Anna Coulling | Nov 23, 2020 09:25AM ET
SS&C Technologies Holdings (NASDAQ:SSNC) a computer processing stock and as such is one of the stocks now preparing for a possible break higher and hence the reasons it is on my bullish watch list. Last week’s price action injected some much-needed momentum into this stock on good volume following the long-legged doji of the previous week, and the important factors here are as follows.
First, we had the strong two bar reversal of late October and early November as the price action bounced off the volume point of control at $58 per share. Second, last week’s price action took the stock price well clear of potential price based resistance at $66 per share a region which had seen the stock fall sharply from this level in both May 2019 and also February 2020. Third and last we are now approaching the low volume node on the VPOC histogram, an area on the chart that provides little in the way of resistance to a sustained move higher. Finally, the trend monitor at the bottom of the chart confirms the bullish picture for the stock.
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