The security looks poised to overcome pressure at the $21.60 level
Albertsons Companies Inc (NYSE:ACI) was last seen trading near breakeven at $21.47, much like the broader market ahead of the release of the Federal Reserve's meeting minutes. A ceiling at the $21.60 has capped the equity since November, but that level may soon be overcome thanks to a historically bullish trendline that may also help shares add to their 5% nine-month lead.
Digging deeper, ACI is within one standard deviation of its 40-day moving average. Per Schaeffer's Senior Quantitative Analyst Rocky White's latest study, the security saw five similar signals over the last three years, and was higher one month later 80% of the time to average a 12.2% gain. A comparable move from its current perch would place shares over $124 -- well above that ceiling and at their highest level since May.
A shift in analyst sentiment could keep the tailwinds blowing for Albertsons stock. Of the 13 in coverage, nine firms still call the equity a tepid "hold," leaving ample room for upgrades going forward.