Hasbro (NASDAQ: HAS) delivered its earning report today, before the US opening bell, which managed to beat expectations. The stock is now trading higher, above Friday’s close, in the pre-market session. The share price is also balancing above one of its key resistance barriers, at 98.45, which is the high of January 25th. At the same time, HAS continues to trade above its short-term upside support line drawn from the low of October 30th, which might continue supporting the bullish case for a while.
If the stock remains above the previously-mentioned 98.45 hurdle, new investors could see this as a good opportunity to step in and push HAS further north. If so, the share price may rise to the 101.20 zone, marked by the highest point of January, where a temporary hold-up might occur. However, if the buyers are still feeling comfortable, they could send the stock higher, possibly targeting the 102.26 level, marked by the high of February 11th, 2020.
The RSI and the MACD are currently pointing slightly to the upside. In addition to that, the RSI continues to sit above 50 and the MACD remains above zero and its trigger line. The two oscillators show rising upside price momentum, which supports the above-discussed scenario.
Alternatively, if the share price breaks the aforementioned upside line and then falls below the 92.81 hurdle, marked by the current lowest point of February, that could keep new buyers away from entering for a while. Such a move may increase the stock’s chances of drifting further south. That’s when we will target the 91.40 zone, or the 90.46 area, marked by the lowest point of January. HAS might initially stall for a bit near that area, but if there are still no new buyers in sight, this may result in another decline, potentially bringing the stock to the 89.18 hurdle, or the 87.52 level, marked by the lowest point of December.
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