Daily Stock Report

Daily Stock Report - July 13, 2020 Carrier Global Corp. - (CARR)

Since being spun out of United Technologies back in March, furnace and air conditioner producer Carrier Global (CARR) has climbed up from the Red Zone to the Green Favored Zone in the SIA S&P 500 Index Report. On Friday, CARR moved up another 4 spots to 35th place. 

Carrier Global (CARR) staged a major breakout on Friday, blasting through $24.50 to a new all-time high, and completing a bullish Ascending Triangle pattern to signal the start of a new uptrend. With trend support in place near $23.00, next potential measured resistance on trend appears near $29.00, then the $30.00 round number.

Back in April, CARR shares bottomed out near $13.00, and since then, they have been under steady accumulation. A breakout rally carried the shares up into the $21.00-$24.oo range where they consolidated at a higher level. On Friday, the shares broke out to the upside completing a bullish Spread Double Top pattern and signaling the start of a new upleg. Next potential resistance tests appear near $28.55 based on a horizontal count, then the $30.00 round number and the $35.50 to $37.00 area based on vertical counts. Initial support appears near $23.00 based on a 3-box reversal.

With a perfect SMAX score of 10, CARR is exhibiting near-term strength across the asset classes. 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.