$Technology One Ltd (TNE.AU)$ shares rose 11.21%, hitting a record high on Tuesday, with trading volume expanding to A$17.07 million. Technology One shares has rose 12.25% over the past week, with a cumulative gain of 95.42% year-to-date.
Technology One's technical analysis chart:
Technical Analysis:
Support: A$24.12
Resistance: A$29.90Price range A$24.12 to A$29.90: The trading range indicates a heavy concentration of buy orders, with the stock price on an upward trend. The stock repeatedly touched the level near A$24.12, where it found significant support and subsequently rebounded. There is a strong presence of buy orders around A$24.12, suggesting a robust foundation for the price. There is considerable upward pressure near the resistance level of A$29.90, with a lot of profit-taking positions, which suggests strong selling pressure. Going forward, it will be crucial to monitor whether the stock can effectively break through the resistance level at A$29.90.
Market News :
Technology One announced its financial results for the year ended 30 September 2024, showcasing strong performance across key financial metrics. Profit Before Tax reached A$152.9 million, marking an 18% increase and surpassing the guidance of 12%-16% growth. Profit After Tax also saw a significant rise, up 15% to A$118.0 million. The Total Annual Recurring Revenue (ARR)1 climbed to A$470.2 million, a 20% increase, while the Net Revenue Retention (NRR) stood at 117%, exceeding the long-term target of 115%.
Total Revenue for the year was A$515.4 million, a 17% increase, with Revenue from SaaS and Recurring Business contributing A$466.3 million, up 19%. The UK business continued its growth trajectory, with UK sales ARR soaring 70% to A$8.7 million and total UK ARR increasing by 31% to A$34.7 million. These results indicate a robust financial year for Technology One, with notable achievements in revenue growth and profitability.
Overall Analysis:
Fundamentally, focus on the company's performance and operational status. Technically, it is necessary to monitor whether the stock price continues to stay within the upward channel, whether the support at the bottom of the channel remains valid, and whether the resistance level can be effectively broken through.
In this scenario, investors should adopt a cautious strategy, setting stop-loss points to manage risk and maintaining ongoing vigilance regarding company developments and market conditions.
