Teledyne Technologies Inc. (TDY) stock price shows bullish cues and is above significant moving averages, indicating bullish dominance on the charts. Moreover, the price action shows buyers are gaining traction, but failed to attain a breakout and retest the 20-day EMA spot. Furthermore, the chart shows the follow-on buying structure with TDY stock persisting to surge. Recently, TDY stock retested the support zone of $370 and rebounded to retest the neckline of $430. However, bulls need additional momentum to surpass the cluster. Due to the excessive call writing at the strike price of $430, buyers are challenged to exceed the spot.
Teledyne Tech (TDY stock) price is above the significant moving averages, showing interest for the stock. Furthermore, the bulls are extending the momentum and shifting the gains to reach $440, the primary hurdle.TDY stock is trading in the bull trajectory and showing bullish cues based on the price action. Furthermore, the option chain suggests that decent put writing was done at $410, suggesting a solid support zone. In contrast, sellers have maintained the grip near $425, which buyers faced difficulty surpassing.
At press time, TDY stock price is trading at $417.88 with an intraday gain of 0.88%, showing bullishness on the charts. Moreover, the trading volume increased by 0.34% to 280.099K, and the market cap is $19.672 Billion. However, analysts maintained a buy rating with a yearly target price of $484.67, suggesting a solid growth outlook for the following sessions.
Teledyne Technologies, Inc. engages in the provision of electronic and communication products for wireless and satellite systems. It operates through the following business segments: Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. The Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial, and other applications and electronic test and measurement equipment. The Digital Imaging segment includes high-performance sensors, cameras, and systems within the visible, infrared, ultraviolet, and X-ray spectra.
TDY Stock Price Action on Daily Charts
On the daily charts, TDY stock price formed an ascending triangle pattern, suggesting a breakout beyond the neckline of $425 in the following sessions. Moreover, the price is trading beyond the 61.8% Fib zone and close to the upper Bollinger band, indicating buying momentum on the charts.
The RSI curve stayed in the overbought zone and showed bullish divergence, suggesting a significant upside for the upcoming sessions.
The MACD showed a convergence of the MA line with the signal line, signaling neutrality on the chart.
Summary
TDY stock price is trading above the key MAs and suggests that follow-on buying is imminent, and that TDY share price will break the neckline of $430 in the following sessions. Furthermore, the chart structure is favoring the bulls, and that TDY stock could skyrocket soon. If it breaks, the upper trajectory of $450 could lead to a sharp rise, extending the rally to $500.
Technical Levels
Support Levels:$410 and $400
Resistance Levels: $430 and $450
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/2023/09/24/tdy-stock-nyse-tdy-near-breakout-region-will-tdy-escape-425/