Tyler Technologies Is on a Tear
After the company reached the price targets I had outlined a year ago, let's see what could be ahead.
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In my last review of Tyler Technologies TYL from June 2023 I wrote that TYL had been "marking time" with its sideways price action at the time, and that the rally should resume soon. I also felt that traders could probe the long side of the software and services company on strength above $404; the $431 area was my first price target and $472 was the fundamental price target.
TYL reached the $472 target in May, so let's check for other targets for the software and services company.
In this daily bar chart of TYL, below, I can see that prices are in an uptrend and trade firmly above the rising 50-day moving average line and above the rising 200-day moving average line.
The On-Balance-Volume (OBV) line has a positive trend, but has leveled off in recent days. The Moving Average Convergence Divergence (MACD) oscillator is above the zero-line, but correcting.
In this weekly Japanese candlestick chart of TYL, below, I can see that prices doubled in the past two years or so. Prices trade above the rising 40-week moving average line. The weekly trading volume has been increasing the past seven months or so and tells me that investor interest has increased. The OBV line has a positive trend and it tells me that buyers of TYL have been more aggressive than sellers.
The Moving Average Convergence Divergence oscillator is in a positive alignment above the zero-line.
In this daily Point and Figure chart of TYL, below, I can see an ambitious upside price target in the $853 area.
In this weekly Point and Figure chart of TYL, below, I see that the software is projecting a price target in the $853 area - just like the daily chart above.
Bottom line strategy: The $645-$650 area is my next upside price target. The round number of $700 is my secondary price target. A stop at $545 is recommended.
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