Shares in MongoDB (MDB) soared in extended trading Thursday after the company reported better-than-expected earnings and 澳洲幸运5官方开奖结果体彩网:boosted its full-year guidance amid robust demand for 澳洲幸运5官方开奖结果体彩🌞网:generative artificial intelligence (AI) software.

The company’s shares have slumped more than 33% since the start of the year through Thursday’s close after an uncertain 澳洲幸运5官方开奖结果体彩网:macro environment and slower uptake of its flagship Atlas multi-cloud database-as-a-service🐎 offering prompted൲ it to cut its outlook in May.

MondoDB shares gained 13.5% to $27ඣ9.00 in after-hou♕rs trading Thursday.

Below, we’ll take a closer look at the MongoDB chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to locate♐ impo𒁏rtant price levels worth watching out for.

Double Bottom Confirmation

Since gapping sharply lower in late May, MongoDB shares have carved out two distinct swing lows at around the same level, setting the groundwork for a 澳洲幸运5官方开奖结果体彩网:double bottom, a classic chart pattern that typically forms following a steep decline in prices and indicates a potential market bottom. Moreover, while the second swing low made a slightly lower low, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) indicator made a comparatively higher low to create a 澳洲幸运5官方开奖结果体彩网:bullish divergence, a char꧟t sign﷽al pointing to waning selling momentum. 

Indeed, the stock sits positioned to confirm the patten, with the shares projected to open above the formation’s neckline on Friday morning after the company’s better-than-expected results.

Monitor These Key MongoDB Chart Levels

Amid further post-earnings momentum, in🦩vestors should monitor three key overhe𝔉ad price levels of interest.

Firstly, it’s worth keeping an eye on the $294 area, a location on the chart where market participants who purchased the stock near recent lows may look to 澳洲幸运5官方开奖结果体彩网:lock in profits near the June 1, 2023 close, the day before an earnings-driven 澳洲幸运5官方开奖结果体彩网:breakaway gap.

A move above this level could see the shares climb to around $323. Where they would likely run into overhead 澳洲幸运5官方开奖结果体彩网:resistance near a 澳洲幸运5官方开奖结果体彩网:horizontal line joining�𓂃� three prominent troughs that formed between September 2023 and April 2024.

Ongoing bullish price action may drive a rally to the $370 region. This is an area on the chart were investors could place 澳洲幸运5官方开奖结果体彩网:sell orders near a multi-month trendline that links multiple 澳洲幸运5官方开奖结果体彩网:peaks and troughs in the stock from June 2023 to May this year.

Neckline Becomes New Support Area

During 澳洲幸运5官方开奖结果体彩网:pullbacks, investors should watch the $265 level, an area where MongoDB shares would likely attract buying interest near the double bottom’s neckline, which also marks Friday’s projected breakout point.

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