Alphabet Backed GitLab Stock Soars On Wednesday - What's Going On?

Benzinga07-17

Cloud software company GitLab Inc (NASDAQ:GTLB) is exploring a potential sale after receiving acquisition interest, according to sources familiar with the matter, according to a Reuters report. Google...

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But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.\nSome investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at GitLab, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For GitLab, the 200-day moving average sits at $55.6, according to Benzinga Pro, which is above the current price of $54.96. For more on charts and trend lines, see a description here.\nTraders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.\nPrice Action: GTLB shares traded higher by 8.36% at $54.90 at the last check on Wednesday.\nAlso Read:\n\nGitLab Shares Climb Following Board’s Revised Severance Policy\n\nPhoto by T. Schneider via shutterstock\n\"ACTIVE INVESTORS' SECRET WEAPON\" Supercharge Your Stock Market Game with the #1 \"news & everything else\" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!\nGet the latest stock analysis from Benzinga?\n\nThis article Alphabet Backed GitLab Stock Soars On Wednesday - What's Going On? originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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