UPWORK was a major benefactor from the lockdowns earlier in the year, beating their most recent earnings by +59%. Although I do like the business structure of UPWORK and thing long-term this company will scale immensely, I also think that this most recent run was driven by the euphoric earnings beat.
From a technical standpoint, the 200 Day SMA is all the way down at $15.50 and has gone untested for quite sometime, meaning a mean reversion may be due. We also broke out above that red rising trend line and never retested it to become proper support.
My downside target is $22.50 which would put us right at the retest of the rising red trend trend line (almost like its really important). Although my downside target is $22.50, the risk of $15.50 isn't too farfetched to consider a true possibility.
Good luck and be safe.
- PennyBag
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Stops still not hit here - I ultimately we still ultimately see my $20 target