Chart of the Day: This New Diplomat Could Be Prepping for Takeoff
Mortgage market season is upon us and Rocket Companies stands ready to deliver.
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We added some new companies to our EPS Diplomats and a surprise entrant was one of the largest retail mortgage companies is America: Rocket Companies (RKT) . Rocket deals in lending, real estate, research, and finance and title insurance. It's basically a whole suite of services to the home buyer. Now, one would think that with rates not moving down and home prices still elevated that business for Rocket would be challenging.
That would be true, but the best managers come through and figure out a way to win, and Rocket has a deep bench of experienced managers to make sure their bottom line is secure.
The stock chart is not bullish, but maybe the tide is starting to turn for the bulls. A strong move up on stochastics of the bottom as seen in pane five, is notable along with a quiet moving average convergence divergence (at the second pane) in a buy signal. The chart shows a pink candle, but as we can see the action on Thursday was very positive. A few more bullish days and this candle will turn teal and likely blue. Resistance is at $18 but through there we see a run to $22 (old highs in January).
As a member of the EPS Diplomats, RKT is not rated.
Related: Looking to Sell This Small-Cap Space Name in a Tentative Market
At the time of publication, TheStreet Pro Portfolio was long RKT.
