AppLovin (APP) shares could continue to attract attention Thursday after hitting a 澳洲幸运5官方开奖结果体彩网:record high yesterday as the company makes inroads capitalizing on mobile gaming and lucrative new digital advertising markets.

The Silicon Valley-based company, which offers a range of software products to help app developers market, monetize, and analyze their apps, has seen its shares surge more than threefold since the start of the year, with gains accelerating in recent months after the firm offered a better-than-expected outlook amid soaring demand for its 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI)-powered AXON advertising technology.

Below, we'll take a closer look at AppLovin’s 澳洲幸运5官方开奖结果体彩网:weekly chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify importan🀅t price levels to watch out ♉for.

V-Shaped Recovery

After bottoming out in December 2022, AppLovin shares have made a V-shaped recovery. The move has occurred on healthy 澳洲幸运5官方开奖结果体彩网:trading volume, indicating conviction behind the buying. 

More recently, a 澳洲幸运5官方开奖结果体彩网:piecing pattern marked the end of a pullback toward the 50-week ꦫmoving average in early August, with the stock’s𝔉 price more than doubling from last month’s low.

Despite the bullish technicals, it’s worth noting the shares remain subject to short-term profit-taking given the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) signals 澳洲幸运5官方开奖结果体彩网:overbought conditions with a reading above the key 70 threshold.

Key Retracement Levels To Watch

Amid a re🐻tracement, investors shoಌuld monitor three important chart levels.

The first sits around $112, an area just below Wednesday’s record close where the stock may find support near the November 2021 澳洲幸运5官方开奖结果体彩网:swing high, which closely aligns with last week'✅s clos🐓ing price.

Selling below this level could see the shares decline to the $88 region, a location on the chart where investors may look for buying opportunities near a 澳洲幸运5官方开奖结果体彩网:trendline joining multiple peaks from June 2021 to July this year.

A more significant bearish move could lead to a retest of lower support around $55, where the shares would likely encounter support from the May and August 2021 troughs that formed on the chart shortly after the stock 澳洲幸运5官方开奖结果体彩网:went public in April of that year.

Bars Pattern Price Target

With no overhead 澳洲幸运5官方开奖结果体彩网:price action to work with, investors can use a bars pattern to speculate a 澳洲幸运5官方开奖结果体彩网:price target above the 澳洲幸运5官方开奖结果体彩网:all-time high (ATH). To do this, we take the trending period following a prior piercing pattern in March 2023 after a four-week pullback and reposition it from the most recent piercing pattern’s low, which also formed after month-long retracement. This predicts a price target🐻 of around $200.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.