Chart of the Week: Match
Happy Wednesday. It’s time for our chart of the week for October 14. This is gonna be Match.com. Match Group. MTCH is the symbol. Let’s take a look at this chart here together.
So as you can see here, the stock has been making a nice series of higher highs and higher lows since the low put back in late March.
We had a nice little basing period here during that timeframe here. For a month or so the stock kind of consolidated.
It hit a low back in February, consolidated over here for about a month or so, and then it broke out in early April. Had a great month of April. Pulled back a little bit in May, retraced a little a bit. Held that 50 day moving average for the most part. Came down and tested it. Went right back up again, came back to the 50 day moving average a third time, and then a fourth time when it mostly recently hit that 50 day moving average. And now it’s moving up and out.
I think it’s going to make a run towards those old highs, about $44 or so. That would only be a about 5% move, but I think this stock has got some more legs to it.
Notice that the relative strength here comes down to this $40-42 level and bounces right off of it.
We’re not overbought yet here. And I think that if we get to the $50 level, we’re probably gonna get overbought. Might be time to let it go.
So we have some indicators here at the bottom.
The MACD is on a buy signal here on Match.com
We see some decent volume coming in in September when it came down to test that 50 day moving average. And since then it’s been picking up a little bit on the turnover.
This is one that I like here. Probably not looking for a huge move on this thing. But one of its rivals, Bumble, was bought here on October – just the day before – on October 13 for about $5 a share – something like that.
This is of course a much bigger company, it’s the bigger name in the space. But certainly it’s going to help this stock appreciate in value just due to the fact that other interested parties are looking at these sort of companies.
Take a look at Match – MTCH. Thanks so much.
