UPWKUPWK at a potential buying point. Found support at a long term trendline + 1 year out/post gap up (also where significant price action begins) Anchored VWAP. New pivot low would also align with the previous distance between pivot lows. This also could be the end of an ABC corrective wave, setting up a potential new move to the upside. Bullish RSI divergence is also a supporting factor. Not necessarily expecting a sudden move to the upside, but UPWK is a long term thesis for me so I like the low risk entry. Today was an inside day (contracting volatility) and it gave us a green hammer showing us some momentum to the upside. Looking for 3 inside up candle formation for confirmation of long entry.
UP2 trade ideas
UPWK earnings ideaExpecting a pre earnings pullback, then run after earnings. UPWK dropped despite a double beat upon Q1 and Q2 earnings report due to guidance that hyper seasonality factors would decrease screen time. However increasing jobless claims and a study of travel data leads me to believe that this was purely a Q2 concern, where there was a sharp increase in travel numbers and less jobless claims and a small drop in revenue from the previous quarter. One key thing to note is that UPWK's user base grew significantly due to COVID-19 as revenue grew significantly over the course as the pandemic and as we saw travel numbers taper off. However an increase in travel numbers did not cause a proportionate drop-off in revenue numbers, possibly indicating that the gig economy is here to stay. These factors lead me to believe earnings will have a positive reaction.
New Pyramid on UPWKI like Upwork long term (use their service as a consumer too), here is my plan to pyramid into shares. I will buy in 4 tranches and then have a pre-defined level where I will buy protective puts. Max loss is about $6/share average after all 4 levels are filled -- before it hits the insurance level.
$UPWKUpwork currently sitting in a huge ascending triangle on the daily w/ a double top.
The last month and a half for Upwork has been a struggle with price continuing down but with price currently at support it gets my attention.
Price closed up 5.84% on Friday with a huge engulfing which could confirm a rotation in trend.
We also can see the MACD curling w/ the RSI running towards 50.
Keep this on your watchlist for next week.
- Factor Four
UPWK: Oversold SwingUPWK is rebounding well at the support zone at crucial $40. Its slowly peaking above 50sma on 4 HR chart. It is also up over 4% on the day which is a good sign for the bulls. RSI and MACD are very oversold with showing a good reversal. The next resistances or TP are validating at two moving averages, 50 EMA (at $48) and 200 SMA($45).
UPWORK broke out of the H&S patternNASDAQ:UPWK broke out of the head and shoulders pattern. Anticipated price action and targets are shown on the chart, stop loss daily close below 50 MA.
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This is only my own view and not a financial advice, do your own analysis before buying or selling
Happy Trading!
Upwork $UPWK is trying to follow through NASDAQ:UPWK is in a clear uptrend and last week made a good breakout from a large base in which I took a position. On the last 10 trading days, the tech stock has 5 days up and 5 days down. Is a little unclear for me if it can hold gains so, my stop is at breakeven. I have a price target of $62.18, but if it continues to move up strong enough I'll sell have my position and hold the other half.
This stock has strong revenue growth and very good relative strength against it sector. NASDAQ:GIGE is an ETF concentrated in global companies that directly participate in revenue generation from “gig economy” such as: web-based stores, auction sites and app-based platforms. Some of its holdings are NYSE:SHOP , NYSE:TWTR , NASDAQ:TWOU , among others.
My View on UPWKBull Flag, I expect UPWK would touch $90 in October. Wave 3 and 5 coming.
Price entry 51 -52. Take profit $90. Stop-loss $46.
I think Butterfly Option which is a good choice
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This is not financial advice. I'm not a Financial Advisor.
Trading is a high risk, do your own DD.
Let me know what you think
Cheers, I would share all my thought next time.
PEACE.