Applovin was added to our Trade List today! – January 23, 2025
This is Scott at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a look at Applovin ( NASDAQ: APP ).
I’m loving this setup, we see a stock above all the major moving averages, in a really strong uptrend, and threatening a test of its recent highs. I do see a little resistance here, anyone who bought in the red box is underwater right now, but it’s not a lot of upside resistance,
If we continue to see the stock market make new highs then there’s a high probability of this being able to chew through some of that resistance and drag price up, and bring some of the moving averages up with it. We have pretty clear support right now right around that 50-day moving average.
If I zoom out here, we can see that the 50-day moving average has been a long-term support zone. We’ve seen this stock bounce off the moving average and then continue higher following that.
That’s pretty much what we have here with Applovin ( NASDAQ: APP ), sideways consolidation, a nice base of consolidation, a brief touch of the 50-day moving average, and back off to the races.
I definitely think this stock is actionable here, in fact, we added it to our Active Trade List for members over at StockMarketMentor.com. So keep an eye on this one, we think it’s good here as long as it can hold above that 50-day moving average.
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