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Globant (GLOB) Weekly Consolidation Coiled Pattern

Globant (GLOB) Weekly Consolidation Coiled Pattern

by | Jul 7, 2021 | Chart SetUps

Globant (GLOB) has long been a favorite stock that is lesser followed as a leader in IT services with a focus on a lot of the digital transformation secular tailwinds. GLOB shares have been quiet this year at +2.5% with the rising 200-day moving average catching up to shares. GLOB is now coiled with a weekly consolidation pattern as RSI has held above 50 the entire time and MACD nearing a bull crossover. GLOB looks poised for a move up to $275. The $9.3B company trades 8X EV/Sales with revenues expected to grow nearly 40% this year and EPS by 38%.