BlackLine's breakout: Stock trading idea for 6/03/2024
Shares of the accounting software developer BlackLine will be included in the S&P SmallCap 600 index starting from the trading session on 18 March. This index comprises companies with modest market capitalisations of up to 3.6 billion USD. Inclusion in the index means that the stock will automatically be added to the investment portfolios of some exchange-traded funds (ETFs). This typically gives the stock a slight positive momentum at the start of trading on the index. Furthermore, the issuer demonstrates outstanding financial results.
Therefore, today, we turn our attention to the BlackLine, Inc. (BL) chart.
On the D1 timeframe, a resistance level was established at 65.64, while support shifted to 56.36. The breakthrough and consolidation above the 64.91 mark confirmed the quotes' exit from the channel, which formed in mid-April 2023. There is a probability that the securities will start a new medium-term uptrend.
On the H1 timeframe, long positions may be interesting once the level of 65.54 is broken through, with a short-term target of 77.87. A long position can be held up to 92.36 in the medium term.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Therefore, today, we turn our attention to the BlackLine, Inc. (BL) chart.
On the D1 timeframe, a resistance level was established at 65.64, while support shifted to 56.36. The breakthrough and consolidation above the 64.91 mark confirmed the quotes' exit from the channel, which formed in mid-April 2023. There is a probability that the securities will start a new medium-term uptrend.
On the H1 timeframe, long positions may be interesting once the level of 65.54 is broken through, with a short-term target of 77.87. A long position can be held up to 92.36 in the medium term.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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