Align Technology (NYSE: ALGN) stock price is near the immediate hurdle of $370, and buyers are ready for an upcoming battle. Moreover, stock filled the remaining gap and was prepared for the blast. ALGN stock survived the headwinds and retained its shape again.
However, the stock returned from the 20-day EMA and regained strength achieving the mark of $350, peeking signs of bullishness. Moreover, the stock continues to trade in the bullish territory, revealing the positivity on the top.
Furthermore, the ongoing chart structure showed a double bottom formation and stock getting a pullback and escaping its neckline of $350 sustained above it. ALGN stock surged by more than 3% in the last trading sessions, trapped sellers who stayed at $350, and a short covering move was noted.
Align Technology Inc. designs, manufactures, and markets Invisalign clear aligners, iTero intraoral scanners, and services for dentistry, and Exocad computer-aided design and computer-aided manufacturing (CAD/CAM) software for dental laboratories and dental practitioners. It operates through two segments: Clear Aligner segment and Imaging Systems and CAD/CAM services (Systems and Services) segment.
As per the stock technicals, ALGN stock maintains a buy rating, and analysts expect a follow on buying on the stock. The price action shows an uptrend, and buyers continue accumulating the stock, retaining the bullishness.
At press time, ALGN stock was trading at $353.64 with a massive intraday surge of 3.47% showing bullishness in the last trading sessions. Furthermore, the intraday trading volume increased by 4.34% to 911.192K. The market cap of ALGN stock is 27.059 Billion.
ALGN Stock on Daily ChartsÂ
On the daily charts, ALGN stock shows a cup and handle formation, suggesting an upcoming range breakout beyond $360, followed by $370.
Buyers persisted in making long positions and preparing their muscles to defeat bears.
As per the Fib extension tool, ALGN stock is trading above 50% and has an immediate hurdle of $375 at a 61.8% Fib level. Furthermore, stock escapes above the upper bollinger band, showing a breakout. If follow-on buying arises, the stock will head toward $360 in the next session.
Short-Term Charts Shows Bulls’ Menace
On the 4-hour charts, ALGN stock showed a massive buying surge and headed to the top, forming a symmetrical triangle pattern.
The RSI curve headed on the top near 75, having a sharp run from the neutral zone, stayed in the overbought zone, forming a positive crossover, showing bullishness over the top.
The MACD indicator also persists in forming green bars on the histogram and maintaining the bullishness of the stock.
Conclusion
Align Technology (ALGN) stock escaped above $350, showing a bull run and willing to escape the multiple tops of $360 which was the prompt hurdle to be retested in the following sessions.
Technical Levels:
Support Levels: $340
Resistance Levels: $360 and $370
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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/01/align-technology-stock-nyse-algn-showing-intent-to-bypass-370/