Reddit Price Levels to Watch as Stock Surges on Strong Earnings, Outlook
Key Takeaways
- Reddit shares surged in premarket trading on Wednesday after the company reported earnings that topped estimates and provided a strong outlook, as the social media platform benefits from robust digital advertising spending and lucrative AI content licensing deals.
- Since going public in March, Reddit shares oscillated within an ascending triangle before breaking out above the pattern’s top trendline earlier this month.
- The measuring principle, which calculates the distance between the ascending triangle’s two trendlines and adds that amount to the breakout point, projects an upside target in the stock of $115.
- During retracements, investors should monitor important support levels on Reddit’s chart around $75 and $65.
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