Here’s your trade on The Trade Desk $TTD – May 30, 2024
This is Scott at StockMarketMentor.com with your Chart of the Day. I want to take a look at the Trade Desk ( NASDAQ: TTD ).
I haven’t looked at this stock for a while, and I see a lot of positive things about this pattern right now. Short-term, I like the fact that it’s in consolidation and in and around the 8-day exponential period moving average. Longer-term, we can see this big long cup that it’s been building since July of 2023.
We got this massive cup pattern that it’s actually been respecting pretty well. Just recently we had a break to a new high for the year. If I bring out this line here we can see that this level was resistance back here in 2023. It couldn’t get above it in 2024, we broke above, and just a couple of days ago it back-tested that level and held above.
I like the fact that this is holding above some clear resistance. What once was resistance, ideally, is now acting as support. And so now that we’ve established short-term support, I want to look at short-term resistance. I can see this clear downward-sloping trendline, right there, that looks pretty tight.
We can see some clear lower highs, but we are also getting some clear higher lows. It’s pinching, it’s pinching, it’s pinching. And now we just want to see what direction this stock is going to go.
So for a bullish trade, I would have an alert on this stock right around this 95.00-96.00 area, and look for that strong close above $96.00. Then ideally, look for that volume to come in. That’s what I’m going to do here on my software. I’m going to set an alert for just under $96.00 and look for a bullish move out of this triangle on volume.
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