EPAM Systems, Inc. (EPAM) is a $2.2 billion technology company that provides software engineering solutions and technology services worldwide.
EPAM lost nearly 7% on Tuesday and fell beneath its rising 50 day SMA as its daily MACD nears centerline support for a reset.
Given the RSI now at 40 and price support quickly approaching, we’d look for a reversing candle off price support as an indication of time for long entry.
Then consider a closing stop beneath the tail on that reversing candle while looking for a short-term target of $52.00 to challenge the recent high.
A break above $52.00 on heavy volume could lead to a move up to $60.00-$62.00 based on the measurement of the late October breakout.
— Tom Bowley, Invested Central
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