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April 09, 2023Investors are currently sidelined due to the Good Friday holiday but will return to their desks tomorrow. Looking back over the previous session Thursday: after closing Wednesday at $17.91, Ares Capital closed at $18.04 Thursday after climbing to $18.05 and dropping back down.
Ares Capital Corporation could be slowing down soon; it is getting close to the resistance line and is now at $18.09, only 5 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Ares Capital's upper Bollinger Band® is at $18.42, this is a slight indication of a slowdown.
Ares Capital is likely to reverse course and start pointing downward in the short term.
A look at other financials stocks also showed bullish price action as Wells Fargo & Company traded at $37.9 after closing Thursday's trading day at $36.89 (up 2.74%). HSBC Holdings traded at $35.18 after closing Thursday's trading day at $34.69 (up 1.41%).
Ares Capital went up Thursday, yet these financials stocks did not follow — American Express closed at $158.83 (down 1.4%).
The business development company is now trading 20.19% below the significant high of $22.44 it set around 11 months ago.
