TeamViewer shares continue to soar: Positive technical signals
Investing.com - The upward trend of TeamViewer AG (ETR:TMV) shares continues. Following unexpectedly positive quarterly figures yesterday, the stock extended its rally on Thursday, climbing another 7.33%. The price recently rose to 13.39 euros, having even reached a high of 13.66 euros during the day – its highest level since the end of March.
This price increase attracts the interest of many investors and marks a turning point for the Göppingen-based software company, which had been under pressure in recent months. Analysts view the recent figures as evidence of a successful reorientation of the company, which continues to focus on its core competencies in remote maintenance and collaboration software.
There are also positive developments from a technical analysis standpoint. TeamViewer stock has significantly surpassed the downward trend line that has been in place since the end of August, set at 12.64 euros. Additionally, it managed to break through the important 200-day moving average at 12.98 euros – a sign often interpreted by professional investors as an indicator of a long-term upward movement.
Technical indicators like the MACD (Moving Average Convergence Divergence) and the RSI (Relative Strength Index) are also sending positive signals. The MACD has crossed above its centerline, indicating that the upward trend is gaining momentum. The RSI is also moving dynamically northward, suggesting increased buying power for the stock.
Currently, the 50-week moving average at 13.51 euros is acting as resistance. Should the TeamViewer bulls manage to overcome this level, further potential opens up: upside price targets would then be 15.30 euros and subsequently 17.80 euros. Long-term investors are also eyeing the 200-week moving average, which is currently at 19.13 euros.
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TeamViewer shares continue to soar: Positive technical signals