Anaplan Inc. (NYSE:PLAN) is a small capitalization growth stock focused on business performance management through cloud-based solutions. Like other technology stocks, Anaplan received quite some attention from investors this week, resulting in the week’s price gains of about 9.50% to the closing price of $50.59.
Anaplan’s gains, however, are not just about the movement in technology stocks. The company has been mildly bullish since November 2021 though still trading at prices below the 50-day moving average.
Anaplan is in an important environment characterized by tough economic trends. This is the environment in which businesses are likely to seek consulting services for performance management. The implication is that Anaplan may in fact benefit through increased business during the current period going forward.
Anaplan is rising gradually but surely
Source – TradingView
The bullish pattern for Anaplan is confirmed by both the RSI and the MACD. This week, the pattern advanced further, with MA 10 crossing above MA 20 and eying the MA 50. The RSI rose from 30 at the end of November 2021 to the current level of 50.
In the last week of January, the RSI rose above the 14-day SMA. Focusing on the MACD, the divergence began a decline in the second week of December. The MACD crossed above the signal in the third week of February and has since then been rising. The patterns show a gradual but certain bullish trend for Anaplan. The pattern would certainly benefit the patient investor.
Summary
Anaplan caught the attention of investors this week as the focus was on growth technology stocks. For the small-cap company, there is a definitive bullish pattern, and business is expected to grow its favor. Investors should consider Anaplan more favorably.
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