PDCO is poised for a contrarian breakout
Based upon the analysis above in PDCO, traders should make sure that their portfolio can handle increased risk from a new trade. Also be sure that PDCO adds diversification to your current account. Lastly, good traders note how a new addition relates to not just their portfolio but the rest of the market action as well. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Be sure to coincide your trading actions on PDCO in relation to the overall market as well.
Currently the proprietary sentiment levels, analysed by Traders For Wealth, have shown an increasingly negative bias toward PDCO. However, the price action in PDCO has been moving up in value. This could be a contrarian sign to traders for a potential reversal. Traders should view this as a bullish contrarian trade and make sure it aligns with the market and their portfolio.
Patterson Companies Inc (PDCO)
Patterson Companies, Inc. is a distributor serving the dental, veterinary and rehabilitation supply markets. The Company operates through three segments: dental supply, veterinary supply and rehabilitation supply. The dental supply segment provides a range of consumable dental products, clinical and laboratory equipment, and value-added services to dentists, dental laboratories, institutions and other dental healthcare providers across North America. The veterinary supply segment is a distributor of veterinary supplies, primarily to companion-pet (dogs, cats and other common household pets) and equine veterinary clinics. The rehabilitation supply segment provides a range of distributed and self-manufactured rehabilitation medical supplies and assistive products to acute care hospitals, long-term care facilities, rehabilitation clinics, dealers and schools. The Company’s operating units include Patterson Dental, Patterson Veterinary and Patterson Medical.