BR building broad bullish base

Buy

While many fintech firms are swimming firmly upstream, Broadridge Financial Solutions (BR) is up 16% year-to-date and 54% duing the last 12-month period with a dividend yield of 1.4%. Earnings have been mixed, splitting positive and negative quarters over the last year. The stock was higher 25 of last 32 weeks entering the last week of March with four of the down weeks registering less than 1% moves.

Broadridge is sitting only 4% off of its all-time high and failed to break above a bull flag last week. This should result in a small correction and buying opportunity. Enter on a pullback toward the $100 level at $101. A stop loss could be placed at $97. Additional support is at the $90 level.    

About the Author

Doug Busch has been trading the U.S. equity markets for two decades using traditional technical analysis, as a trend follower, with an emphasis with Japanese candlesticks. @ChartSmarter