Upwork.....Great risk/reward. Tighter stop loss possible!
Hello Trader,
Upwork is an English-language platform where clients can post short-term or long-term jobs and projects to freelancers worldwide (Ticker: UPWK @NASDAQ)!
It's been a wild ride for the stock in 2023, but the odds are that a new advance is just around the corner. To do so, the stock needs to break above the upper border of the rectangle at $14.60 in the coming days.
A pop out of the rectangle with high volume opens the door to $15.88, the 2023 high. More bullish potential is at hand.
A break below the lower border (@ $13.51), on the other hand, opens the door from consolidation to a steeper correction, after a huge rally from Nov 02 @ $9.56 to $15.- on Nov 08!
Traders who would like to play this possible move with an options trade can do so as described. The risk/reward is great, and it can get even better if the stock breaks above the 2023 high.
Again. Entry at $15.88 (high volume required) and stop loss at $13.51 (or a few ticks lower)!
Take the stopp-loss if you want to break even quickly, sit back and enjoy.
Have a great week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
Upwork is an English-language platform where clients can post short-term or long-term jobs and projects to freelancers worldwide (Ticker: UPWK @NASDAQ)!
It's been a wild ride for the stock in 2023, but the odds are that a new advance is just around the corner. To do so, the stock needs to break above the upper border of the rectangle at $14.60 in the coming days.
A pop out of the rectangle with high volume opens the door to $15.88, the 2023 high. More bullish potential is at hand.
A break below the lower border (@ $13.51), on the other hand, opens the door from consolidation to a steeper correction, after a huge rally from Nov 02 @ $9.56 to $15.- on Nov 08!
Traders who would like to play this possible move with an options trade can do so as described. The risk/reward is great, and it can get even better if the stock breaks above the 2023 high.
Again. Entry at $15.88 (high volume required) and stop loss at $13.51 (or a few ticks lower)!
Take the stopp-loss if you want to break even quickly, sit back and enjoy.
Have a great week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.