A Potential Breakout is in the Charts for Newell Brands (NWL)

A key resistance level has formed in the chart of Newell Brands (NWL).  If the stock breaches this level, a breakout could occur…

Newell Brands Inc (NWL) is an American global consumer goods company. It sells products in the following segments, Appliances and Cookware, Food and Commercial, Home and Outdoor Living and Learning and Development.

The company has performed well during the pandemic. NWL is seeing strong growth across business segments through its e-commerce platform. In its most recent financial results, management was expecting a strong fourth quarter and full fiscal 2020.

As of the end of the last quarter, the company had $4.7 billion in cash, up from the preceding quarter, but lower than its $6.3 billion in long-term debt. Though, the company has a current ratio of 1.5, indicating healthy short-term liquidity.

Earnings are expected to be up 11.9% for the current quarter and 33.3% next year. The stock appears undervalued with a forward P/E of 12.35. NWL has shown strong near and long-term momentum, leading to a “Strong Buy” rating in our POWR Ratings service.

Take a look at the 1-year chart of NWL below with added notations…

See chart and continue reading at STOCKNEWS.com