Skinny On TER (Teradyne): Tuesday May 23, 2023
CLICK IMAGE TO ENLARGE IN NEW TAB Stock Teradyne Inc NASDAQ (Ticker: TER) / Tue May 23, 2023 / 6:46 PM Eastern Time / DAILY Chart
PRIOR COMMENTARY (as applies)
In 2023, I recommended this stock twice in the Stock Picks Grid. First instance was after close Fri Jan 20th as Buy Signal Now, for a 118.36 upside target with a recommended stop below 81.31.
The second recommendation was Buy Signal Now as of close of Fri Mar 19, for an upside target of 127.00 and a recommended protective stop below 98.00.
RECAP
On the Jan 20th rec, shares traded up to 112.06 before turning lower. On the 2nd rec on Fri Mar 19th, futures only traded up to 108.91, consolidated, then traded down to 88.54.
OUTLOOK
Shares recovered higher off 88.54, reaching 99.34 most recently. The recommendation is a Sell Signal Now based on:
- Price resistance at 99.35 Old Bottom (Gann Trading Patterns)
- Timing for a high based on Forecasting Cloud (Advanced Lost Forecasting)
- Momentum weakening after forming Negative Reversal (Four Zones RSI Coverage)
The recommended protective stop level is above 100.69.
The initial downside target is 85.40
The ultimate downside target is 79.10
Ticker TER | KEY PRICE LEVELS
112.06 – Feb 2 high
109.41 – low of Feb 2 Price High
108.91 – Mar 23 high
106.83 – old low of Mar 30 Price High
103.76 – Apr 22 Price high
100.69 – Apr 20 Price high
Resistance Above
Current price: 95.55
Support Below
93.37 – May 17 Bar Low
88.54 – Apr 27 low
85.40 – Dec 28 old high of Price Probe
88.31 – Dec 28 Swing Low
80.92 – old high of Nov 3 Price Low
79.10 – midpoint of Nov 3 range, near Pretty Buy Point A
Hima Reddy, CMT
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