Life sciences company Danaher Corp (DHR) posted a fourth quarter earnings beat Tuesday morning but the stock is under selling pressure. Let's check the charts and indicators.
In this daily bar chart of DHR, below, I see a wide-ranging sideways trend the past 12 months. Prices have crossed above and below the 50-day and 200-day moving average lines a number of times. DHR is currently testing the 50-day and 200-day average lines.
The daily On-Balance-Volume (OBV) line has moved sideways since June. The trend-following Moving Average Convergence Divergence (MACD) oscillator has moved above and below the zero line for the past year.
In this weekly Japanese candlestick chart of DHR, below, I see a mixed picture. Prices are moving sideways but have managed to climb above the 40-week moving average line.
The weekly OBV line shows long-term weakness with a decline in place from the middle of 2021. The MACD oscillator has improved and is close to crossing above the zero line for an outright buy signal.
In this daily Point and Figure chart of DHR, below, I see that the software is projecting an upside price target in the $343 area. A trade at $284 or higher is needed to refresh the uptrend.
In this weekly Point and Figure chart of DHR, below, I see a similar picture as the daily chart above.
Bottom line strategy: I would keep DHR on your watch list, and let's keep watching it for stronger signs that a rally is poised to get going.
