Trade Desk Inc. TTD stock price defended $75 support and recovered 11% in a short period of time. If it formed a bullish continuation pattern buyers seem to be returning back to track.
Trade Desk stock price managed to climb above the 50-day EMA showcasing that the trend is in an upward direction. The buyers seem more active as compared to sellers so more upward momentum is possible.
In mid-September, TTD stock price attempted to break out of the $87.00 hurdle. But the attempt failed and the price faced sharp rejection. Later, slow and steady price declined and displayed minor profit booking.
Luckily, the buyers are active near the $75.00 level which acted as support and the price showed a bounce. The price pattern of the stock is bullish and bulls’ dominance is visible.
The recent upmove looks reliable and sustainable so more upside is possible. However, the trading volume is quite low but the price is rising upward. So, it might be an indication of a bullish trap. Therefore, investors must be careful before creating any bullish positions.
Will the Uptrend in TTD Stock Price Continue?
TTD stock price is recovering by taking support near the swing low. It recovered the majority of its previous losses and the positive momentum is intact.
Till the Trade Desk stock price sustains above the $70.00 support, the stock will remain inside the bulls’ grip and the uptrend may continue. On the higher side, $87.00 will act as an immediate hurdle for the bulls.
If the buyers succeed in breaking the $87 hurdle, then the price may rally to the 52-week high. The technical analysis suggests that the TTD stock price is in bulls’ grip and it may hit new highs by December end.
Trade Desk Stock Price Analysis
Trade Desk stock price forms a bullish pattern on daily, weekly, and monthly time frames. However, the broader market indices are mildly bearish so it might negatively impact the TTD shares for a short period of time.
The RSI at 57 sloping upward showcases the strength and the confidence of investors. It shows buyers’ are active and bullish momentum might continue in the current month.
The MACD curve displayed a positive crossover indicating bullishness and fueling a further rally in the stock.
Conclusion
Trade Desk Inc. TTD stock price reversed upward and formed a bullish continuation pattern. The recent up move looks reliable and more upward momentum is possible.
The analysis suggests Trade Desk stock price is in bulls’ grip and preparing to hit the 52-week high.
Technical Levels
- Resistance Levels: $87.65 and $91.98
- Support Levels: $75.50 and $69.85
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/10/07/ttd-stock-price-up-5-trade-desk-stock-prepares-for-new-high/