Chart of the Day: This Stock Is Marking Time Until It's Time to Go Higher
Here's why we think these shares are just about ready to make a move.
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One thing we appreciate as a technician is finding reliable patterns to often (not always) repeat over and over again. Such is the case with The Trade Desk TTD, one of our favorite tech names, and a holding in TheStreet Pro portfolio.
The stock has been basing for some time now in the $90's and continues to find support on pullbacks. That is important; dip buyers are seeing value in the stock at certain points that we can identify on the chart.
In the chart below, notice the blue and teal candles since April. That indicates bullishness on the GoNoGo composite of indicators. Money flow retreated a bit but is now turning upward, while the chop indicator (pane 3) is still not showing a trend. When it turns down we'll know TTD is trending, and probably higher.
TTD stock is building a base in the higher end of a range. That normally means (pattern-wise) when the stock breaks out it'll be in the direction of the previous trend. In this case, higher.
Stochastics are strengthening here as well, so perhaps earnings will be the catalyst to get this stock moving. The company will report their most recent quarter on August 8.
We rate The Trade Desk a One in TheStreet Pro portfolio.
More Pro Portfolio:
- Taiwan Semi's Earnings Have Us Buying More of These Holdings
- Weekly Roundup: The Froth Comes Off Big Tech
- From AI to Old Age: Trends That Matter for Traders
At the time of publication, TheStreet Pro Portfolio was long TTD.
