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MKTO) provides a cloud-based marketing software platform that enables organizations to engage in modern relationship marketing. This stock closed up 2.7% at $35.36 in Monday's trading session.
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From a technical perspective, MKTO spiked notably higher here right above some near-term support levels at $34 to $33.31 with above-average volume. This stock has been trending sideways inside of a consolidation pattern for the last month and change, with shares moving between $33.31 on the downside and $39.80 on the upside. This move on Monday is starting to push shares of MKTO within range of triggering a big breakout trade above the upper-end of its recent sideways trading chart pattern. That breakout will hit if MKTO manages to take out some key near-term overhead resistance levels at $37.35 to $37.61 and then once it takes out its all-time high at $39.80 with high volume.
Traders should now look for long-biased trades in MKTO as long as it's trending above support at $34 or at $33.31 and then once it sustains a move or close above those breakout levels with volume that's near or above 261,206 shares. If that breakout hits soon, then MKTO will set up to enter new all-time-high territory, which is bullish technical price action. Some possible upside targets off that move are $45 to $50.
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