Sharp growth on offer at tech star Tableau Software
Publishing results tonight, this impressive American tech stock gets the once over from our chartist.
2nd May 2019 08:55
by Alistair Strang from Trends and Targets
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Publishing results tonight, this impressive American tech stock gets the once over from our chartist.
Tableau Software (NYSE:DATA)
To get the good news out of the way first, it shall prove interesting if Tableau Software's (NYSE:DATA) shares trade above $126. Such a movement has surprising potentials, opening the door for a visit to $137 next.
If bettered, secondary calculates as a longer term $154. In fact, it appears even $168 may be dreamt of for the future, this being a level we'd expect some major hesitation.
The reason for such vivid rise potentials occurred during March with the share price achieving a series of "higher highs". From our perspective, the $137 level was mathematically correct and now, a revisit to such a point which proves capable of exceeding $137 should bring some sharp growth thereafter.
As often the case, there's a fly in the burgundy.
The two chart insets highlight a particular phenomena. Despite traders clearly showing some enthusiasm during the pre-results-day session, exquisite care was used to ensure the price did not close the session above the immediate downtrend. This sort of nonsense is always a worry, carrying the implication the market knows something.
We'd certainly have some serious concerns if the price is pushed below $115 for any reason as this threatens a visit to an initial $108. If broken, secondary comes along at $104, along with a challenge of the ruling uptrend since 2017.
We would expect a bounce, should $104 be achieved.
Quite a few emails are being received, asking for updates on USA shares. We suspect the reason is due to many European movements simply not making sense due to politics.
Source: Trends and Targets Past performance is not a guide to future performance
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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