GoDaddy is one of the most well-known domain registrar and web hosting companies in the world. It has over 20 million customers and is particularly known for its marketing campaigns. GoDaddy also offers cloud-based products and customer support to small businesses. In terms of the market share for web hosting and domains, GoDaddy is among the leaders. Given the increasing digital shift in the way business is done globally, the demand for GoDaddy’s products and services is expected to remain strong. Its longer-term growth prospects are bright.

The monthly long-term chart for GoDaddy shows the price trending up since the middle of 2015. There was some sideways movement from 2018 to 2020. However, the trend of making higher highs and higher lows resumed posting the March 2020 crash. The price had briefly broken the bottom trendline in March 2020 but has respected it for the most part. Most recently, in September 2021, the price seems to have found support at the bottom of the longer-term trend after having fallen more than 12%. A reversal is likely, and a target of $85-$89 is in play. A stop-loss can be placed at the low of the previous month’s candle at around $69.

Position entered into our long-term tracking portfolio today. The entry point is at $69.96, and stop-loss is $58.77, which is 16% below the entry point. The short-term to medium-term take profit at the top of the trend is set at $87.10, giving a profit of 24%.