Stock: Altium Ltd (ALU ASX)
Running up to hit key resistance at $9.98 in late 2016, shares in Altium Limited spent the next 12 months drifting sideways contained under this level. A subsequent breakout & hold above $9.98 in September 2017 lead to a swift run up to test new highs at $15.90. A shallow pullback off $15.90 ensued before price exploded higher to test levels above $20.00. Having since come back to test $18.60, a higher low has now been formed at $19.63 with the most recent week’s candle bouncing off this level.
What Does Altium Do?
Altium Limited (ALU – ASX) develops and sells computer software via a subscription model that assists Electronics Engineers with the design of electronic products. Altium Designer is the company’s market-leading flagship product offering. Other offerings include various software and hardware products, including NanoBoard NB2, NanoBoard 3000, TASKING, Morfik, and Subscription.
To access a list of company announcements, financial summary & dividend history – Click Here.
The Baron’s Brief – Official Summary
Make no doubt about it, having doubled in the past twelve months, shares in Altium Limited are trading firmly in the nosebleed section. Despite this, the bullishness of the recent price action above $18.60 with the forming of a higher low at $19.63 indicates that the next leg north may be imminent. The Baron is a buyer around current levels in anticipation of a move to new highs. Any pullback into the key support zone between $18.60 & $15.90 would be considered a ‘top up’ opportunity. A break & close below $15.90 would be negative & cause to re-assess.
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Disclaimer: The information contained in this article has been prepared solely for the entertainment & educational purposes of the reader and does NOT constitute financial or investment advice. Any examples presented in this article are for illustration purposes only. No person, persons or organisation are authorised or permitted by the authors to take any action on the reliance of this information without first consulting an authorised, accredited financial planner or advisor. The authors are entitled, at their sole discretion, to hold positions in the above-mentioned stock/s. The authors accept no responsibility for the accuracy, completeness or timeliness of the information contained in this article. Disclosure – No positions are currently held in ALU – ASX at the time of publishing this article (This is a disclosure and NOT A RECOMMENDATION).