Altium (ALU) is an American-Australian multinational software company that develops and sells computer software for the design of electronic products and circuit boards. Founded in Australia [1] in 1985, the company has regional headquarters in the US, Australia, China, Europe and Japan. Its products are designed for use in a Microsoft Windows environment and used in industries such as automotive, aerospace, defence and telecommunications. AltiumTechnology stocks have recovered well this year so can this translate to its shares heading higher from here?
“ALU has been trending higher for almost a year now,” Michael said.
“Most recently, it eased back from the February peak in what appears to be a pennant.
“This is a consolidation pattern where a stock takes a breather from moving higher.
“Once it tested the 200-day moving average a couple of weeks ago (see the curved blue line), it then rebounded strongly on high volumes.
“Current levels are a buying opportunity, as there is a high chance that ALU continues to trend higher from here,” Michael said.
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