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- The stock price of TT Electronics has experienced a sudden rise in price of more than 18%. Know the reason.
- The stock is seen breaking its resistance and now is above both of its EMAs
- The RSI and MACD both indicate a rise in the strength of bulls.
TT electronics stocks start rising after its half-yearly earnings report of June 2023. which was publish at the start of August this year. The earnings report showed a 14% increase in revenue with a first-time increased. growth in its profit before taxes (PBT) of 185%. this number is big because last year some unusual expenses result in PBT of -$34 Million.
Since this report was publish, bullish investors have gotten the necessary confidence they needed to start an uptrend. This was made possible after TTG stock broke its resistance and rose more than 18% in less than 15 days.
Technical analysis of TT Electronics
As of this writing the stock is seen breaking over resistance in an uptrend.while being in a zone converted with some resistance and support. Moreover, looking at the technical chart. the indicators are also giving valuation insights into the near future possibility of the stock.
The first and immediate support level for the stock is at $199.8 which was the previously broken resistance, meanwhile, the second support level is seen down below at $151.8.
The immediate resistance for TTG stock is seen at the level of $196.8 and the next price rejection level will be at $214.5 which is made by the candles form in March 2022.
What the indicators are saying
While the supports and resistance are giving an idea of pivot levels. indicators like MACD are showing an immense surge in the price. The signal line made a crossover with the MACD line back in the mid of July. while both lines cross the neutral zone of zero at the start of August.
Currently, the MACD line and Signal line are at the levels of 6.30 and 3.787 indicating a bullish trend with great price strength
Moreover, indicators like RSI are showing something similar to the MACD chart, the RSI line rose above its SMA back at the start of August 2023, indicating a rise in the strength levels of bulls. currently, the RSI line is above its brought level of 70 while its SMA is down below 62.
The EMAs however have more of an interesting story to tell, The 50 EMA and 200 EMA made a bullish crossover back in May 2023 itself, but it was only after the price took support from its 50 EMA in the first week of August this year, an uptrend in both the EMAs were seen.
Currently, the 50 EMA and 200 EMA are seen at the levels of $165.6 and $171.4. both below the current market price of TT Electronics PLC.
Conclusion
The TTG price prediction will fall toward a bullish trend and price has taken support. from both of its EMAs and is seen rising toward its first resistance while the support level is just below it with good volumes. to cushion the fall. Moreover, the bulls are back by a good earnings report post by the firm.
Technical levels
Support: £169.8, £151.8
Resistance: £196.8 £214.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
