Align Technology Inc. - (ALGN) - April 25, 2023
Orthodontic device producer Align Technology has soared up the rankings in the SIA NASDAQ 100 Index Report this year. After spending most of 2022 stuck near the bottom of the red zone, SIA returned to the Green Favored Zone in January for the first time since October of 2021. Following a brief dip back into the yellow zone, ALGN returned to the Green Favored Zone again yesterday after climbing 4 positions to 24th place.
Align Technology (ALGN) spent most of 2022 under distribution but since bottoming out in November, ALGN has been under increasing accumulation. Over the last five months, the shares have established an uptrend of higher lows, gapped up through and then established higher support above $300.00, snapped a long-term downtrend line and completed a bullish Golden Cross.
Currently, the shares are climbing within a $300.00 to $370.00 trading range. A close above $370.00 would signal the start of a new upleg with next potential resistance in the $425.00 to $440.00 area based on measured moves, followed by the $500.00 round number. Initial support appears at the 50-day average near $325.00.
A major breakout is underway in Align Technology (ALGN) shares. ALGN kicked off 2023 with a big breakout rally and in recent weeks it has been consolidating its gains in the $300.00 to 360.00 range, with a shallow correction not enough to trigger a high pole warning.
This month, accumulation has resumed with ALGN completing bullish Double Top and Spread Double Top breakouts, a Bullish Catapult, and snapping a long-term downtrend line. Initial upside resistance appears in the $440.50 to $458.30 zone where a horizontal count converges with previous column highs and lows, followed by the $500.00 round number. Initial support appears near $333.85 based on a 3-box reversal.
With its bullish SMAX score increasing to a perfect 10, ALGN is exhibiting strength across the asset classes.
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