A technical look at the stock
rallied from $38.65 in March, 2020 to $115.29 in November, 2021 . It reversed the trend in early-2022 and fell below the 40-week Moving Average and stayed below a falling trendline for about nine months .
The stock found good support between $75-80 during the second quarter of 2022 then rallied above the falling trendline and the 40wMA in August to signal the end of the downtrend . Descartes then stayed within a triangle pattern for about four months . The recent rise above the top of this formation confirmed a breakout and the start of a new uptrend . There is good support near $93-94; only a sustained decline below this level would be negative.Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication
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