Here’s the level to watch on $DUOL – October 5, 2023
This is Scott with your Chart of the Day. I want to take a look at Duolingo ( NASDAQ: DUOL ). I don’t know about you but we are doing a lot of sitting on our hands at Stock Market Mentor, as we wait for the market to pick a direction, ideally, upwards.
While the market is chopping around, I’ve been looking for stocks that are holding up well in and around their key moving averages. And Duolingo ( NASDAQ: DUOL ) is definitely one of those. Because as the stock market has broken down Duolingo ( NASDAQ: DUOL ) is still holding above all their key moving averages.
Now, we have some interesting levels here. You can see that the stock is holding above this red line, which is the 50-day moving average, which is a good sign of institutional support. And then we have this level up here at around 168.45. And that has been a pretty interesting resistance zone, where every time the stock has gotten near it or gotten above it, it has been pushed back down by a seller or two.
So I think that the 168.45 level is pretty important. I am going to set an alert on my software right there and look for a strong move through that level and a close above, coming, ideally, on higher-than-average volume. Now, that could signal that this stock is ready to break out of its 4-month base of consolidation and make some higher highs.
That is the level I’m watching on Duolingo ( NASDAQ: DUOL ). I hope you find it helpful and maybe set that alert on your trading platform as well.
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