The ODP Corporation (ODP) is a leading provider of products and services through an integrated business-to-business (B2B) distribution platform and omnichannel presence.
Let's check out the charts on this name.
In the daily bar chart of ODP, below, I see a mixed picture. Prices reversed up from lows in June/July. A gap up in mid-July got things moving higher. ODP now trades above the rising 50-day moving average line and above the rising 200-day line.
The trading volume shows some surges around turning points but the On-Balance-Volume (OBV) line is back down around its June low. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In the weekly Japanese candlestick chart of ODP, below, I can see a positive-looking picture. Prices have met resistance around $50. A strong close above $50 will be an important upside breakout, in my opinion. ODP trades above the rising 40-week moving average line.
The weekly OBV line is in a longer-term sideways pattern but shows strength from June and is not far from making a new high for the move up. The MACD oscillator is bullish.
In this daily Point and Figure chart of ODP, below, I can see an upside price target of $56. A trade at $52 will refresh the uptrend.
In this weekly Point and Figure chart of ODP, below, I see that the software is suggesting the $77 area as a longer-term price target.
Bottom-line strategy: Traders could go long ODP on strength above $52. Risk to $45. The $77 area is our longer-term price objective.
