This week, Gary Stone from Share Wealth Systems says while the charts are bearish on Altium (ALU), it’s on his likes list.
“ALU’s share price has been in a four month descending triangle, which is typically a bearish formation,” he says. “However, this pattern does a fairly high failure rate when there is a sharp rise above the pattern’s down sloping resistance line, which is what happened on Wednesday and Friday last week. This could lead to ALU making a run to test its all-time high of $9.98. Support is between $7.40 and $7.60 which would be bearish if ALU’s share price fell below this zone.”