Fleetcor is a business payments company based out of Atlanta, Georgia. Fleetcor’s solutions allow companies to automate, digitize, and control payments on behalf of suppliers and employees. Fleetcor’s payment solutions span fuel payments, lodging expenses, tolls, gifts, and other corporate payments. The company’s business model is fairly diversified and brings in recurring revenues. Additionally, the fuel card market is expected to grow significantly in the next few years, providing favorable tailwinds for the Fleetcor’s long-term growth.
The Long term Monthly chart for Fleetcor shows the stock’s uptrend for the past decade. The uptrend was halted in February 2020 and over two months, the price almost halved. However, even amidst the market crash, the price seems to have respected the historical support level at $177. From that level, the price has bounced back by about 48%. The likely intermediate target is another support level at 285 and the longer term target look like the top trend line at around $320. Stop loss can be placed below the $230 level which could act as a support.
Positions taken today at $345 with a stop loss -36% below at $169. Short term profits could be taken at the top of the range at $345 giving a profit of over 29%
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.