Mcgraw hill financial chart is currently on the weekly resistance line and stock traded just below $100 price tag. From weekly chart, this seems to chart is ready to pull back as its hit the psychological point $100. Chart also have a major pivot point at $101 area. This could be a strong resistance point for the bull and selling point for bear. However, if we look at the long term weekly chart, Stock is on the bull flag on the weekly chart. Stock pull back got support at 62 percent area of Fibonacci retracement. That indicated a bullish pull back for the stock and offered a good opportunity for buying stock.
One concerns for the stock is that stock is trying to break and holding above $100 from March 2015. Every time stock traded this area, we have seen strong sell off of the stock. Because of several sells off, stock made several pivot points at $100 range trading area. These pivot points will be strong resistance line for the stock and we may watch lot of seller in the short term. Stock needs a good catalyst to break this range and April earnings beat could be that catalyst. One strong point for the stock is stock pull back was very controlled, even though we had rough year at 2015 and bad month in January 2016 in stock market. Controlled pull back indicates institutional buyers holding the stocks. From 2009, stock never had a down year and price move from $20 to $100 from 2009 to present.
Stock daily chart shows that stock is in the overbought area as stock is holding on the upper band of the Bollinger and failed to close above the high of the upper band. Some stock traders consider this selling opportunity for short term. Stock also have a major pivot point $101 area. Both could lead a short term pull back of the stock or stock may moves to the side ways until the next earning report. However, stock cleared all the major simple moving averages including 100 day, 200 day, and 50 day. Key points will be earnings report of the stock at the end of the April, 2016. Earnings will determine if stock will pull back or make a new high assuming that stock market uptrend will remain intact until earnings report of Mcgraw hill financial