This morning, leading dental and animal health distribution company, Patterson Companies Inc (PDCO) is tanking after reporting earnings. The stock is trading lower by 12.02% to $30.90 a share on heavy volume. The stock has now fallen below its important 50-day moving average and is sitting just above its 200-day moving average. This puts the stock in a weak technical position on the charts and likely signals further downside in the near term.
The next major support level for Patterson Companies Inc (PDCO) stock will be around the $25.00 area. This is a major retrace level from the March 2020 lows to the recent peak. Often, major retrace levels will serve as solid support when tested. This is also where the 200-week moving average is sitting adding more strength to the support level. I will be keeping this stock on my radar for a buying opportunity around this key level.
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