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Long

CDK Global - $CDK - Long

NASDAQ:CDK   CDK GLOBAL INC
CDK
21 0 2
cdk
CDK             is still within this ascending channel but the last 3 weeks has seen a drop in the price from highs of around $55. If we look on the daily chart price is approaching previous resistance and the 0.5 Fib level.

I will be looking to get long from $50 but we could see price go as low 48.5 with a bounce off the ascending trend line .

The RSI (2) is showing oversold levels and price has spent 10 days below the 10SMA which in my opinion is very oversold.

Target of $54.
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