Shares of LiveRamp Holdings (RAMP) have been bouncing off of a support level for the past couple of months. If it breaks this support level, a significant down move can be expected.
RAMPis a marketing technology company that provides data foundation, digital transformation, consumer engagement, and online marketing and analysis services. The company has been benefiting from an increased customer base and is investing heavily to promote growth.
Take a look at the 1-year chart of RAMP below with the added notations:
Chart of RAMP provided by TradingView
RAMP has formed an important level at $50 (blue) over the past year. $50 was resistance level several times before the stock broke higher in August, and it has been a support level many times since.
RAMP is currently hovering above $50 now, and a decline could bring another test of the support level. If this level is broken, a short trade could be made below the $50 mark, with the expectation of a breakdown.
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RAMP shares were trading at $53.39 per share on Tuesday morning, up $0.42 (+0.79%). Year-to-date, RAMP has gained 11.07%, versus a 5.24% rise in the benchmark S&P 500 index during the same period.
About the Author: christian
Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More...
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