Bridgeline Digital Announces Partner Network News And Shoots Higher: What's Next?

Bridgeline Digital Inc. BLIN shares traded higher Thursday after the company announced its partner network won more than 20 site search licenses this quarter for Celebros and HawkSearch, its most recent acquisition.

Bridgeline’s partner network brought in multiple six-figure sales this quarter.

Bridgeline Digital was up 33.72% at $5.75 Thursday at market close.

Bridgeline Digital Daily Chart Analysis

• Shares broke above an old resistance level and formed into a new channel; now, old resistance may act as a new support level.
• The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the stock is likely turning bullish.
• Each of these moving averages may hold as a possible area of support in the future.

Key Bridgeline Digital Levels To Watch

• The stock was able to cross above the $4.50 level and shoot higher. The $4.50 level previously held as resistance as it was a place the stock struggled to cross above.
• Now that the stock made a large move above the $4.50 level it may hold as an area of support.
• The large run on the stock saw it peak near the $8 mark, meaning this area is likely going to be the next strong resistance level if the stock is able to reach this price again.

What’s Next For Bridgeline Digital?

Bulls would like to see the stock find a solid support level near the $4.50 level after it broke the resistance near this level. Bulls want to see the stock begin to form higher lows up toward the $8 resistance.

Bearish traders would like to see the stock break back below the $4.50 level. Bears would also like to see the stock break below the moving averages. If the stock can break below the support level and the moving averages, it may signal that a trend change is coming.