On Thursday, March 2, 2023, Cooper Companies, a major producer of contact lenses and medical equipment, is scheduled to release its financial results. The business has had a successful year, and its stock price has been steadily rising. Recent market signs, however, indicate that the stock may be changing from an upward to a bearish trend.
The 10-day RSI Indicator for COO moved out of overbought territory on February 03, 2023, which is a signal that the stock is potentially entering a bearish phase. This means that traders may want to consider selling the stock or buying put options to protect themselves from potential losses.
Tickeron's A.I.dvisor analyzed 37 instances where the RSI Indicator moved out of the overbought zone, and found that in 22 of those cases, the stock price moved lower in the days that followed. This puts the odds of a move down at 59%, which is a significant risk for investors.
Investors should generally consider the earnings announcement from Cooper Companies cautiously. Even if the company has a proven track record of success, current market signs point to a potential danger of a decline in the near term.