TTD has pulled back to a historically bullish moving average
The shares of Trade Desk Inc (NASDAQ:TTD) are down 4.3% at $64.06 at last glance, though there is no obvious catalyst for the negative price action. Dropping below the $65 level for the first time since early November, it’s not a great start to the week after four-straight weekly losses.
However, the rocky start to the year has Trade Desk stock within one standard deviation of its 320-day moving average, a trendline that has been bullish in the past. Over the past three years, TTD has seen four similar signals, after which the stock was higher one month later 75% of the time, averaging an 8.8% return.
Over the past year, the security is up 36.2% already. Furthermore, the equity’s 14-day relative strength index (RSI) of 13.8 sits firmly in “oversold” territory, which is typically indicative of a short-term bounce.
Image and article originally from www.schaeffersresearch.com. Read the original article here.