Technical Take On Harley Davidson
InTheMoneyStocks.com | May 25, 2017 02:02PM ET
Leading motorcycle manufacturer Harley-Davidson (NYSE:HOG) has been steadily declining since March 16, 2017. Back then, HOG was trading above $63. Today, it's trading at $52.16 a share, which is roughly a 17 percent decline from its March top.
So what's the next level that looks attractive to buy the stock? Traders and investors should note that the $50 level looks very solid for a bounce. It's a whole round number that is very appealing for traders. It's also a major retrace level from the highs and an area where most institutional traders and investors will support the motorcycle giant.
h3 Here's The Trade:/h3- Buy HOG at $50 and look for a first target around $55.
- Place a stop loss below the $47 level using a weekly chart close.
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