The multinational conglomerate is scheduled to report fourth-quarter earnings on Wednesday after the market close, and the prevailing forecasts point towards a likely continuation of the current trend of solid earnings performance.
The general consensus of market analysts for the quarter is for a $0.75 earnings per share to be reported on Wednesday, which would exceed the EPS of $0.65 for the same period last year. If such a performance is indeed reported, then the company would manage to beat its performance for the previous quarter as well, when the final EPS was reported at $0.71.
The stock price is currently trading at 52.43 dollars, which is positioned in a range between the 23.6% and 38.2% Fibonacci retracement levels. If Wednesday’s earnings data is inlined with the initial expectations, then the price is likely to spike up and attempt to break above $54. However, in the case of a market surprise, the share price could potentially tumble below $51.31.
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