Allianz Technology TrustLSE:ATT has broken out and created a new all-time high. Price is above the Weekly and Daily 200 moving averages. What is interesting is that the last time price visited the daily 200 moving average was in July 2016. Recently price took a trip back to the 200 moving average which is normal when a stock trends well for a long time. The trip didn't last long and price quickly bounced off the 200 moving average and has since broken through the previous all-time and now creating new highs.
Because the previous resistance line held strong for a number of months before price managed to break through, it would be wise to wait and see if price can hold above that level. The mistake many traders make is to jump in hastily but patience will pay off here. Price can easily dip back below the resistance so by waiting for the next breakout this will confirm a continuation of the move up.
This is a stock definitely to keep on your watchlist.
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