Technical outlook – After assessing the daily and weekly technical assessment on Afterpay Limited, the sharp sell-off back in mid-February hit a trough was posted in mid-March, which is where the bullish trend was initiated.
Since then, the bulls have consistently kept Afterpay Limited in a bullish up-channel.
From the given technical assessment, the main concern is that Moving Average Convergence Divergence (MACD) is “flat” and the 3-day Relative Strength Index (RSI) lookback is overbought.
With that being said, although the bulls are still navigating the upward trek, one takeaway is that a break of the $50.00 uptrend would negate the current bullish structure and implicate a bearish set-up for a pullback to $40.00. Reassess from there.
Company Overview – Afterpay Limited (APT, formerly Afterpay Touch Group Limited) provides technology-driven payments solutions for consumers and businesses through its Afterpay and Pay Now services and businesses.
Afterpay is driving retail innovation by allowing leading retailers to offer a ‘buy now, receive now, pay later’ service that does not require end-customers to enter into a traditional loan or pay any upfront fees or interest to Afterpay. Former Names: Afterpay Touch Group Limited (APT), 03/12/2019.