Today, we feature a short opportunity in ManpowerGroup Inc. (MAN), a mid-cap staffing services company:
MAN recently broke down below its 50-day moving average on weakened short-term momentum, increasing downside risk within its long-term downtrend, per the declining weekly cloud model (shaded area on the chart).
Downside follow-through is likely as MAN has now generated a weekly MACD “sell” signal reflecting a loss of intermediate-term momentum, and it its weekly stochastics point lower with room to oversold levels.
An important Fibonacci support level near $75 can be used as a target. Long-term resistance defined by the weekly cloud model near $89 can be used as a stop-loss threshold, or a tighter level is offered by the 50-day (~10-week) moving average.
ManpowerGroup Inc. (MAN, $84.60)
Target: $75
Stop-loss: $89