Are you looking to make a smart investment decision in the stock market? If so, you’ll want to pay attention to the old-line hand tools manufacturer Stanley Black & Decker (SWK). Founded way back in 1843, this company has seen its fair share of ups and downs over the years. But now, it seems to be on the path to a comeback.
Despite being down 23% from where it was trading 5 years ago, SWK is showing signs of a bullish reversal. In comparison to the S&P 500 Index, which saw a 95% gain in the same period, SWK still has a lot of ground to make up. However, in recent months, SWK has started to outperform the overall market, showing promising signs of growth.
After initially recovering post-Covid in 2021, SWK unfortunately gave back all its gains and sank back to its Covid low, losing 76% of its total value. But the good news is that SWK seems to have found solid support at its Covid low and has established a strong ‘double bottom’ pattern. Since then, SWK has been steadily climbing higher, with analysts predicting a move to the $130+/- level in the near future.
This ‘bearish-to-bullish’ reversal buy opportunity for SWK is one that investors won’t want to overlook. By keeping a close eye on the company’s chart pattern and performance in the market, investors can potentially capitalize on this turnaround. Stay informed and make informed investment decisions by joining our Extreme Investor Network, where you’ll receive actionable recommendations via email and live nightly videos from experts like Carter Braxton Worth.
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