Here’s the level to watch on $TTD – June 22, 2023
This is Scott with your Chart of the Day. I want to take a quick look at the The Trade Desk ( NASDAQ: TTD ).
Now, TTD ( NASDAQ: TTD ) has been in a nice uptrend all year long, riding up that 8 and 21-day exponential period moving average. But the last month or so, pretty much all of June, it has just kind of gone sideways.
You can see this nice sideways base of consolidation, and that is what we want to see within the confines of an uptrend. A rest is fine as long as that rest isn’t straight down.
Now, that can happen, especially with China stocks and I do believe this is a China stock, so just FYI on that. But it has, from what I understand, a pretty good reputation, at least as far as I know. But this is the important level that I think we should be watching here on The Trade Desk ( NASDAQ: TTD ).
It is right around 77.80, just right above that level. So I am going to set an alert just below 77.80, maybe 77.78, and look for a break above that level coming on higher than average volume. Because that is going to tell me that it has done, hopefully, consolidating and going sideways like it has for the entire month of June and is ready to maintain this uptrend.
Now, this level is pretty keen, I think it’s pretty important for it to rest at this level. If I zoom out here you can see how this level had acted as kind of the breakdown zone. In March of 2022, it broke down, tested it, failed, and broke down again. Tested it in August, failed, and then, of course, now we are kind of in and around that area again.
So that is what I want to see from The Trade Desk ( NASDAQ: TTD ). I am watching that 77.80 level for a breakout coming on higher than average volume.
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