Earnings report for Agilent Technologies (NYSE:A) is coming out today, while Agilent stock price is trading at a key support level. Agilent share price had found significant support at $35.50 twice before the hammer candlestick was printed on Friday’s close. Depending on today’s A stock news and the price action, the support level could be confirmed once more before Agilent stock reverses. We shouldn’t rule out a breakout though, due to a bearish pattern found in the weekly Agilent stock chart.
Descending Triangle at weekly Agilent stock graph
The bearish trend line along with the horizontal support’s line complete a descending triangle at the weekly Agilent stock graph. This is strong evidence that Agilent share price will breach the support level and continue trending downwards. On the other hand, if a triangle fails (meaning A stock price climbs above the declining trend line), technical analysis considers the failure very important given the significance of the triangle formation in the first place.
Bullish trend line at monthly Agilent stock graph
One of the most crucial support levels of Agilent stock price is $10. That is clearer by looking at the monthly Agilent stock graph. Since Agilent share price found support for the last time there in 2009, the stock has been trading for up to $55 per share in 2011, before Agilent share price pulled back. Nowadays Agilent stock is trading very close to the bullish trend line and perhaps the earnings report will push prices away from the trend line.
So, will earnings report send Agilent stock price much higher than the monthly trend line or will it lead the support level to fail? That would also confirm the descending triangle of the weekly stock graph. What is your prediction before the Agilent Technologies earnings release? Let me know in the comments below.