Wex is a payment processing and information management service provider. It offers corporate card payment solutions, vehicle fleet payment processing services, transaction monitoring services, and healthcare payment products. The growing digitization of the payments space as well as increased integration of technology in payment solutions are tailwinds that are expected to aid the long-term growth of Wex.
The long-term chart shows a clear uptrend. The uptrend was halted in February 2020 when the price fell by a massive 70% from the highs of January 2020. The price not only broke the bottom of the long-term trend, but also a historical support level at 137. However, starting April 2020, the stock reversed its downfall and it has since retraced more than 100%. The initial target now looks to be around the 185-mark, which acted as a support a few times in 2019. Stop loss can be placed below the 137 support line.
Positions taken today at $152.92 with a stop loss 41% below at $89.85. Take short term profit point at $236 giving a profit of 54%
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.