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The Commerce Desk Inc. (TTD) is buying and selling decrease Wednesday after reporting earnings Wednesday morning. Regardless of beating expectations on earnings per share and income, the inventory is lower than one greenback away from making a brand new 52-week low.
Let’s try the charts.
On this day by day bar chart of TTD, beneath, we are able to see that costs are retesting the Might and July lows. Within the present weak market setting the percentages improve for costs to interrupt the lows and head nonetheless decrease. TTD trades beneath the declining 50-day shifting common line and beneath the declining 200-day line. The On-Stability-Quantity (OBV) line is already at a brand new low and is foreshadowing new worth lows within the days forward. The Transferring Common Convergence Divergence (MACD) oscillator is in a bearish alignment beneath the zero-line.
On this weekly Japanese candlestick chart of TTD, beneath, we see a bearish setup. Costs are in a longer-term decline as they commerce beneath the declining 40-week shifting common line. The weekly OBV line is in a refined decline. The MACD oscillator has crossed to the draw back for a brand new outright-sell sign.
On this day by day Level and Determine chart of TTD, beneath, we are able to see a possible draw back worth goal within the $34 space.
On this weekly Level and Determine chart of TTD, beneath, we are able to see that worth reached and exceeded a draw back worth goal of $45. A commerce at $38 will refresh the downtrend and open the way in which to additional declines.
Backside line technique: Markets are ahead wanting and no matter merchants are centered on, it should be bearish. Keep away from the lengthy aspect of TTD as additional declines are anticipated.
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