Comtech Telecommunications Corp: Trading Idea for 17/10/2023
Following the Q4 results of the 2023 financial year, Comtech Telecommunications Corp. has reported an increase in its revenue. The primary factor contributing to this growth is the conclusion of a long-term contract with the US government for the development and production of advanced communication systems. Historically, government contracts have a positive impact on the company's business, enhancing its overall sustainability.
In light of this development, our focus today is on the Comtech Telecommunications (NASDAQ: CMTL) stock chart.
On the D1 timeframe, support has formed at 7.92, with resistance at 9.11, which was swiftly breached on Friday 13 October. Following this breakout, the quotes surged to reach their historical peak.
On the H1 timeframe, the short-term target for the price increase is around 12.53; while in the medium term, it could reach 16.22.
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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. 67.85% 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.
In light of this development, our focus today is on the Comtech Telecommunications (NASDAQ: CMTL) stock chart.
On the D1 timeframe, support has formed at 7.92, with resistance at 9.11, which was swiftly breached on Friday 13 October. Following this breakout, the quotes surged to reach their historical peak.
On the H1 timeframe, the short-term target for the price increase is around 12.53; while in the medium term, it could reach 16.22.
—
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. 67.85% 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.