Transdigm stock (TDG) price shows a massive bullish move from the start of 2023 and continues to attain traction, going inside the rising parallel channel. Moreover, the price action shows an enormous rally from the demand zone of $500, where a one-way recovery was noted from there, establishing the gains on the top.
TDG stock is near the most critical range where the supply range exists, near $900, where distribution in price was noted in the past.
Furthermore, the price is trading above the significant moving averages and shows a short covering move in the last few trading sessions. The buyers continue to defend their gains above the $800 mark.
TransDigm Group Incorporated is a designer, producer, and supplier of engineered aircraft components for use on commercial and military aircrafts. The Company operates through three segments: Power & Control, Airframe, and Non-aviation.
The Power & Control segment includes operations that primarily develop, produce, and market systems and components that provide power to or control the aircraft’s power utilizing electronic, fluid, power, and mechanical motion control technologies.
At press time, TDG stock was trading at $875.42 with an intraday gain of 0.19% showing neutral movements in the last trading sessions. The intraday trading volume was 228.704K, and the market cap of $48.085 Billion.
Daily Charts Show Price Rally
On the daily chart, TDG stock rides within the rising parallel channel. Moreover, the price is sustaining over the top, showing their willingness to make the immediate round level of $900.
TDG stock price is escaping the highs of the upper Bollinger band and showing a breakout in the last few sessions. The price chart shows a three white soldiers pattern which indicates the buyers’ strength.
Short Term Charts Favouring Bulls
On the 4 hours chart, TDG stock is holding the gains on the top, and the volume spike was noted in the past trading sessions showing the investors’ interest in the stock. However, the channel has an upper neckline of $900, which buyers try to retest in the following sessions.
The RSI curve continued to float near the overbought zone showing a positive crossover and indicating bullishness.
The MACD indicator persists to form green bars on the histogram showing a bullish crossover on the charts.
Conclusion:
TDG stock traded in the bullish territory and continued to attain bullishness over the last few trading sessions.
Technical Levels:
Support Levels:$850
Resistance Levels:900
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/06/29/transdigm-stock-nyse-tdg-price-surges-inside-the-channel/