APT Looking Very Overbought
- On Friday Chinese tech giant Tencent Holdings revealed it had taken a 5% – roughly $300 million stake in Afterpay.
- This has caused a massive rush to buy APT.
- Technically the stock is very overbought and is at a significant Supply Zone which also happens to be a 52w high.
- From a fundamental perspective - price is currently over analyst estimates and has a high Price / Sales of 32x. Not a great time to buy right now -could be a good time to lock in some in profits in existing positions.
- This has caused a massive rush to buy APT.
- Technically the stock is very overbought and is at a significant Supply Zone which also happens to be a 52w high.
- From a fundamental perspective - price is currently over analyst estimates and has a high Price / Sales of 32x. Not a great time to buy right now -could be a good time to lock in some in profits in existing positions.
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