GoDaddy stock (NYSE: GDDY) GDDY share price was consolidating in a narrow range and is hovering near the immediate barrier of $75. Moreover, the chart shows the symmetrical triangle pattern and that GDDY stock price is close to the breakout zone above significant moving averages. However, sellers tried their best to prevent the region from crashing, maintaining a strong grip near $75. Furthermore, the price action shows the incisiveness between the bulls and bears.
GDDY stock price failed to surpass the trendline and is hovering between $60 – $75. However, the buyers persisted in accumulating and are ready to break out in the upcoming sessions. Per the options chain, at the strike price of $75, a massive open interest of 17 hundred shares on the call side, whereas 13 hundred shares on the call side shows the long buildup activity in the past trading sessions.
At press time, GDDY stock price was $74.49 with an intraday drop of 1.30% showing neutrality on the charts. Moreover, the trading volume increased by 0.78% to 1.23 Million and the market cap is $10.959 Billion. However, analysts have maintained a buy rating with a yearly target price of $90.54 suggests a strong growth outlook for the upcoming sessions.
GoDaddy, Inc. engages in the provision of domain name registration and web hosting services. It provides website building, hosting, and security tools. It operates through the Applications and Commerce (A and C) and Core Platform (Core) segments. The A and C segment consists of sales of products containing proprietary software, commerce products and third-party email and productivity solutions. The Core segment deals with the sales of domain registrations and renewals, aftermarket domain sales, website hosting products and website security products.
Will GDDY Register Break out Above $75?
On the daily charts, GDDY stock price is close to the 20 day EMA and is trying to surpass the trendline barrier of $75. If bulls succeed in escaping the hurdle, a massive run toward the subsequent barrier of $88 would be anticipated. Conversely, if the price escapes the lower trendline of $70, GDDY stock will retest the 200 day EMA support near $65. Moreover, the GDDY stock price held the gains beyond the 38.2% Fibonacci retracement zone and is trying to overtake the 50% Fib zone.
The RSI curve stayed in the overbought zone and showed a convergence indicating a neutral perspective on the charts. The MACD shows a bullish crossover suggesting a positive outlook.
Summary
GDDY stock price is trading above the significant moving averages and is trying to break out above the trendline barrier of $75, which, if surpassed, a move toward the trajectory barrier of $88 is expected. Moreover, the price action is favoring the bulls and is highlighting bullish sentiments based on the chart structure.
Technical Levels
Support Levels: $70 and $65
Resistance Levels: $80 and $85
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/22/godaddy-inc-nyse-gddy-hovers-in-range-will-gddy-escape-75/