Dole exposed to a free fall - Analysis - 25-05-2022

Dole PLC's stock skidded in the intraday levels amid the dominance of the main downward trend in the short term, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI after reaching overbought levels, marking a loss of 11.04%, or 1.23 points, and settling at 9.91, with trading volumes nearing 2 million, above 10-day averages of half a million.

The stock is declining after reporting  a profit of $0.30 per share in the first quarter, down from $0.46 before, with earnings a $2.25 billion.

The company cut 2022 earnings estimates from $9.9 billion to $9.7. 

Therefore we expect the stock to decline and target the support of 9.00, provided the support of 9.90 was breached.

Expected trend for today: Bearish