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Triterras Stock Trends On Western Union Partnership: Technical Levels To Watch

March 9, 2021 1:20 pm
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Triterras Stock Trends On Western Union Partnership: Technical Levels To Watch

Triterras Inc. (NASDAQ:TRIT) shares were trading higher Tuesday after the company announced a strategic partnership with Western Union Company (NYSE:WU) Business Solutions to provide cross-border payment services between traders and lenders on its Kratos platform.

trit1min3-9-21.png

Triterras Technical Levels To Watch: The short term, 1-minute chart above shows the stock gapped up in Tuesday’s trading session and traded in the channel.

Technical support may be found where the stock first struggled to break above this morning. This potential support level is near $7.60. Stocks can struggle to exceed premarket highs each morning, especially when a stock gaps up in the morning.

Triterras' Tuesday premarket high was $8.48, and the stock may find a possible resistance at that level.

Triterras shares were up 17.11% at $7.94 at last check Tuesday.

tritdaily3-9-21.png

The daily chart shown above shows the stock has been trading in a channel between $6 and $9. The $6 level has held up previously as support. The $9 level has held as a resistance in the past and could potentially do so again in the future.

The bullish technical trader would like to see a break of resistance with some consolidation above the resistance level for a time before another upward move. A bearish technical trader would like to see the stock break below the support in either timeframe with some consolidation before a further downward move.

A bearish technical trader may see a bearish flag on the daily chart with a strong close below the $6 level.

Triterras is trading with a market cap of $560 million.


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