Time To Accumulate Shares In Stericycle?

Stericycle ([stock_quote symbol=”NASDAQ:SRCL”]) popped up on my scan of possible trend reversals and looks like it might be ripe to start accumulating a position. The stock is down roughly 53% from it’s October 2015 high and price has landed on the 23% fib trace, which also corresponds to a very strong support zone on the Ichimoku chart, and the Commodity Channel Index CCI(10) has turned up from the oversold zone. Taking a look at the daily Renko chart…

…we see that price has made a double bottom, which is generally a precursor to a bullish reversal. While I wouldn’t necessarily go all-in here, I would – if I had the free cash to spare (which, alas, I don’t at the moment) – start an accumulation position. Should the stock continue down to the next support zone, I would add more shares there.

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