Marin Software (MRIN) has soared dramatically higher in recent days. Let’s check out the charts and prospects for this company that provides industry-leading enterprise marketing software for advertisers and agencies to measure, manage, and optimize their ad spend.
In this daily Japanese candlestick chart of MRIN, below, we can see a lengthy line formation before prices explode on the upside. Prices have made a long-legged doji pattern but we have some time until the close. The trading volume was dull until it soared.
The moving averages are of no value but the On-Balance-Volume (OBV) line has turned upwards and the Moving Average Convergence Divergence (MACD) oscillator has turned bullish.
In this weekly Japanese candlestick chart of MRIN, below, we can see that prices have made some other sharp upside spikes in the past. The current candle pattern shows a large upper shadow telling us that traders are rejecting the highs.
The weekly OBV line shows a straight move and so does the MACD oscillator.
In this daily Point and Figure chart of MRIN, below, we can see a price target in the $52 area.
In this weekly Point and Figure chart of MRIN, below, we see a price target in the $71 area.
Bottom line strategy: MRIN may have much higher price targets but the hard question for a technical analyst is to decide where to buy it and what to risk. Aggressive traders might try to buy a dip to around $20 risking to $14.
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