Globant SA (GLOB) provides IT services, but it looks like its rally is running into some technical issues. Let's review the charts and indicators.
In this daily bar chart of GLOB, below, we can see that prices have doubled in less than a year. Impressive. Prices bounced off of the rising 50-day moving average line in late March and in May, but the line is being tested this month.
The rising 200-day moving average line is well below the price action. The On-Balance-Volume (OBV) line has softened since early July and diverged from the price action, which went on to make a new high in early August.
The Moving Average Convergence Divergence (MACD) oscillator peaked in late June and is still in a take-profits sell mode as it approaches the zero-line.
In this weekly bar chart of GLOB, below, we can see that prices have tripled in the past three years. The weekly OBV line shows strength until June and has been cresting the past two-plus months. The MACD oscillator is poised to cross to the downside for a take-profits sell signal on this longer time frame.
In this Point and Figure chart of GLOB, below, we can see a distribution pattern (selling) and a downside price target around $83.
Bottom line strategy: GLOB has rewarded patient investors in the past three years. It looks like now is the time to book profits.