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CLPS Incorporation Shares Rally: Technical Levels To Watch

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CLPS Incorporation Shares Rally: Technical Levels To Watch

CLPS Incorporation (NASDAQ: CLPS) shares rallied in premarket on Friday’s trading session and were trading positive in the regular session following the release of the company's results for the first half of fiscal 2021. 

The following are short- and long-term key technical levels to watch for in the stock, which was trading up 4.11% at $4.31 at last check. 

CLPS Technical Levels: The 5-minute short term chart below shows the price has had trouble breaking above and below the $5 mark. Technical traders may view this as a key level of support or resistance.

To a bullish technical trader, this may represent a resistance level.

Another short-term level the chart below shows is $6.25.

This price level is near where Friday's premarket highs were for the stock. This area may potentially be another spot the price has trouble breaking through.

A bullish technical trader would like to see the price break over this level with some consolidation above before another upward move. 

Support has previously been shown on the chart around the $3.75 price level.

This is another potential level of future support. Bullish technical traders would like to see a bounce off this level, while bearish technical traders would like to see the price break below the level with some consolidation before an additional downward move may occur. 

clps5min3-5-21.png

The daily chart below shows some potential longer-term key levels. Some key levels in the past where the price has been unable to cross to the upside were near the $4 level.

The price was able to cross but never closed the day above this price. Another key level comes potentially near the $6 mark.

In the past, the price has been able to get to $6 a few times, but has never been able to hold its gains when the stock nears $6.

Bullish technical traders would like to see these potential key resistance levels get broken, by having the price cross above with some consolidation above the price after. This could cause a further upside push. 

The chart has also been slightly uptrending throughout the past year. It is possible to see this after drawing trend lines along the lows of the chart.

After doing this, it is possible to see that the trend is slightly upward. Bullish technical traders would like to see these higher lows continue to form. To a bearish technical trader, higher lows that stop forming could signal a trend reversal.

CLPS is currently trading with a market cap of $21 million with a public float of 4.88 million shares.

clpsdaily3-5-21.png

 

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