Techreturns

$WORK Bullish Descending Megaphone

Long
NYSE:WORK   SLACK TECHNOLOGIES INC
646 views
13
$WORK forming a bullish descending megaphone and is really just whipping between resistance and support bands of this pattern.

Looking for $WORK to hold $25 and push up to $30. One of my favorite trades currently.

Keep the purple circle in mind for first target at $26.50 — that trend-line will be important to break to hit our higher target of $30


BTO 12/18 $30c avg $.88

Comment: $WORK broke our trendline resistance and should be on to first target & profit taking range between $27.50 & $28


Comment: $WORK blasted through resistance, now pushing up to my $30 target. I cut a large portion of this position and left half of profits +150%
Comment: Uhm. Yeah I think it's fair to say that this trade has completed. Retraced the entire megaphone pattern. Look for rejection at previous highs and consolidation for more positive momentum. $WORK target 2022 is $65.

Disclaimer: This account and post are not intended as trading advice and are for educational and informational purposes only.

Comments

Nice WORK, no pun intended! What’s your thoughts on upside price movement can figure out how to break upper resistance of megaphone channel? I assume if we fail to break $30+ then we are likely to drop back towards $24/25 supports. Thanks!
+1 Reply
@TCOYS, This is the question on this trade; also if $WORK can manage not to drop 20% after an ER, that would be helpful. Look for an initial rejection at trend line followed by strong support and consolidation that forms a range around the trend-line. Break out of megaphone can easily see $34 retaken. An additional positive is the strong double bottom at $24 (not to mention, $WORK is considerably undervalued relative to peers). While I'm not thinking we blast through the trend-line on this run, I am bullish that we have seen the lows and can push up to at least trade in a higher range.
Reply
TCOYS Techreturns
@Techreturns, Thank you for your insight! Looking forward to more of your trading view ideas! Relatively new to trading view and have look back on many of your ideas and they are very sound!
Reply
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