Near Term Bottom On Realty Income Corp (NYSE:O)
Realty Income Corp (NYSE:O) hit a near term bottom today, bouncing back to the flat line. In early trading, the stock fell sharply, hitting a low of $44.22. This happened as the markets were trading at their highs of the day. That showed extreme weakness.
The key that alerts you to the near term bottom is the reversal that has taken place. The markets at lunch are now flat, off their highs of the day. However, Realty Income has moved to the flat line. Note the positive price divergence. The market falls but Realty Income moves back up. In addition, the daily chart has significant support on the 200ma as well as other key levels just above. Near term, this stock should head back up for a week or two.