Earnings Play: Cooper Companies

Cooper Companies stock price is currently rising inside of a short-term ascending wedge pattern.

Uptrend 1

Today, after market, Cooper Companies (COO) is anticipated to report third quarter EPS of $1.53 compared to $3.23 last year on revenue of approximately $535.8 million vs. $679.4 million a year earlier. The company is the second-largest player in the oligopolistic contact lens market and develops diagnostic and surgical products. The company's current analyst consensus rating is 8 buys, 5 holds and 1 sell, according to Bloomberg. 

Technically speaking, on a daily chart, Cooper's stock price has been rising inside a short-term ascending wedge pattern that began to form in mid to late-July. The RSI is holding above a bullish trendline and sitting just over 60. On Monday, price touched the upper trendline at a high of 317.71 and has since not reached that price again. Price will likely pull back and make contact with the lower trendline where a bounce could occur. If price bounces it will probably continue its uptrend and reach for the 324.50 resistance level. If price can manage to break through the first resistance level, then it will likely grind upwards to the final target of 336.25. If price cannot hold above the lower trendline, it will breakout to the downside of the pattern and probably fall to support at 299.00. If price does not rebound off of 299.00 support, than it could fall further to the 288.00 support level.         

Source: GAIN Capital, TradingView

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