AppLovin (APP) shares soared nearly 30% higher in extend trading on Wednesday after the 澳洲幸运5开奖号码历史查询:artificial intelligence (AI)-powered advertising platform topped Wall Street’s fourth quarter earnings expectations and issued a better-than-expected current-quarter outlook.

The company, whose software helps monetize gaming apps with targeted ads, projected first quarter revenue of between $1.36 billion and 1.39 billion, handily surpassing the $1.32 billion expected by analysts. Executives said $1 billion of net sales will come from AppLovin’s advertising segment, adding that the company it still in the early stages of bolstering its AI models.

AppLovin sha⛦res have jumped 17% since the start of the year as of Wednesday’s close and soared more than 700% over the past 🐈12 months amid surging demand for the company’s AI-powered advertising system.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on AppLovin’s 澳洲幸运5开奖号码历史查询:weekly chart and point out key p꧅ost-earnings price levels worth watching.

Pennant Pattern Breakout

Since reaching their 澳洲幸运5开奖号码历史查询:all-time high (ATH) in early December, AppLovin shares a consolidated within a pennant, a chart pattern that signals a 澳洲幸运5开奖号码历史查询:continuation of the stock's uptrend.

Indeed, the price looks set to open sharply higher on Thursday, setting the stage for the🎉 stock’s next move hig♑her.

While the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms bullish price momentum with a reading above 70, a move higher into 澳洲幸运5开奖号码历史查询:overbought territory also increases the chances of dips linked to 澳洲幸运5开奖号码历史查询:profit taking.

Let’s apply 澳洲幸运5开奖号码历史查询:technical analysis to forecast an upside 澳洲幸运5开奖号码历史查询:price target and also locate several major 澳洲幸运5开奖号码历史查询:support levels that could into play during potent✤ial retracements.

Measured Move Price Target

To forecast an upside price target, investors can use the measured move technique, also know by chart watchers as the 澳洲幸运5开奖号码历史查询:measuring principle.

When applying the analysis to AppLovin’s chart, we calculate the distance of the uptrend that immediately preceded the pennant in points and add that amount to the p꧂attern’s upp✤er trendline.

For example, we add $357 to $397, which projects an upside price target of $754, an area where investors may decide to 澳洲幸运5开奖号码历史查询:lock in profits.

Major Support Levels to Watch

During 澳洲幸运5开奖号码历史查询:pullbacks, the stock could see an initially dip to around $290. This level on the chart may provide support near the pennant pattern’s low, which closely aligns with the closing price of a weekly 澳洲幸运5开奖号码历史查询:wide-ranging bar in early November.

Selling below this level opens the door for a drop to around $168, a price where the shares may attract buying interest near the closely-watched 澳洲幸运5开奖号码历史查询:50-period moving average and a brief range of consolidation prior to lastﷺ November’s election-driven surge.

Finally, a deeper 澳洲幸运5开奖号码历史查询:correction in AppLovin shares could trigger a decline to lower support around $116. Investors who employ 澳洲幸运5开奖号码历史查询:buy-and-hold strategies could seek entry points in this region near the stock’s prominent November 2021 澳洲幸运5开奖号码历史查询:swing high.

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