USDINR
Sage share price continues on its steep downward slope, ahead of its 3 August earnings report. The earnings report, which covers the second quarter of 2021 will be broadcast on Sage’s investor page.
The company had reported earnings of $18.19 per share in the 4th quarter of 2020, which improved its previous results. However, it could not sustain this momentum as it lost $1.64 per share in the 1st quarter, setting off a period of prolonged selling on the stock.
Investors would be looking for earnings numbers to stem the slide of the stock. Sage share price is down 0.82% and looks set for a 3rd consecutive losing session.
The monthly chart shows that the present downtrend in the stock followed a rejection at the neckline of the Jan 2018/July 2019 double top after the price had completed the measured move from this pattern in March 2020 followed by a bullish reversal. Technically speaking, two significant levels of support exist at 41.46 (1 September 2015/1 July 2020 lows) and 27.40 (Feb-July 2016 and March 2020 lows). In between, targets for sellers reside at 34.34 and 31.60.
On the flip side, bulls need a bounce at any of the targets mentioned above for a recovery move towards 62.47 and 6981. This move needs to break the 53.45 and 60.00 price marks to the upside to become a viable option. Upward reversal of the trend only comes when the price breaks 79.46 and 88.02.
