Chart of the Day: We Have a Close Eye on Bullpen Name Trade Desk
The stock remains resilient in a tough environment.
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We recently added The Trade Desk TTD to the Bullpen so we can keep our eye on one of the better tech names in the sector. The company is engulfed in digital advertising, one of its main competitors being Alphabet (GOOGL).
But for most of 2024 TTD has remained strong and has been a buy with big institutional investors. The stock is up a solid 20% so far this year and is right near the highs printed following it's last earnings report in February.
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The chart is pretty strong, price action is resilient and the candles are blue, indicating a strong buy signal.
However, the parabolic SAR (stop and reverse) is now bearish, and the supporting indicators are at best neutral, for the exception of Chaikin money flow (bottom pane) which is on a buy signal.
We like TTD but may wait for a pullback to the low $70's before adding a slice to the portfolio.
At the time of publication TheStreet Pro Portfolio had no positions in the securities mentioned.
