2Y7 trade ideas
[$FSLY] Looking a little over extended$FSLY has been on a tear since their early May earnings report breaking their ATHs just about every day. I am bullish long term, but, it looks like we could be nearing the end of wave 3 or beginning of wave 4 of an impulse wave up.
It found some decent resistance around the 81.50 area to close just above its low for the day. If it breaks lower, I expect it to at least fill the gap left between the 73.5 - 74.75 area. A break below that should test the red trend line, and finally, work its way down to the yellow trend line where it should find some firm support at the end of the 4th wave.
RSI on 1H through 1D and especially on the 1D, it looks like it could make a shift downward at any time and Volume showing the most consistent selling activity than any point since Memorial day.
Place your bets and good luck!!
***THIS IS NOT TRADING ADVICE, these are just my own personal opinions based on own technical analysis. Do your own due diligence and be aware of the risks involved with trading***
FASTLY another darling of Wallstreet!Fastly Inc. a content delivery network that acts as an internet intermediary, has emerged as the best-performing tech stock outpacing Zoom Video Communications Inc,
ZM , a company that has been often in the limelight in the work-from-home era.
What Happened: Fastly made its debut in May 2019 and opened for trade at $21.50. Last week, the stock clocked gains of 36%. On Monday, Fastly shares rose by nearly 15%.
Since the recent market highs on Feb 19, Fastly has zoomed past Zoom as shares surged 222%. In the same period, Zoom rose 159%.
Why It Matters: As people take to working from home, the underlying technology of Fastly is being used by companies buoyed by the trend.
FSLY was a top quarterly gainer. Expect an Uptrend reversalFastly Inc - Ordinary Shares - (FSLY, $62.11) was one of the top quarterly gainers, jumping +250.71% to $62.11 per share. My A.I.dvisor analyzed 117 stocks in the Information Technology Services Industry over the last three months and discovered that 114 of them (97.65%) charted an Uptrend while 3 of them (2.35%) trended down. My A.I.dvisor found 41 similar cases when FSLY's price went up 15% within three months. In 34 out of those 41 cases, FSLY's price went down during the following month. Based on these historical data, my A.I. thinks the odds of an Uptrend reversal for FSLY are 83%.
FSLY reaches a 3-month high. Expect an Uptrend reversalA buy signal is generated. I analyzed 117 stocks in the Information Technology Services Industry over the same period of time and found that 113 of them (96.43%) were in an Uptrend while 4 of them (3.57%) showed a Downtrend. I found 41 similar cases when FSLY's price went up 15% within three months. In 34 out of those 41 cases, FSLY's price went down during the next month. Based on these historical data, I think the odds of an Uptrend reversal for FSLY are 83%.
Buy Long: Fastly Inc - FSLY - Technology Software ApplicationBuy Long: Fastly Inc - Ticker: FSLY - Sector: Technology Industry: Software—Application
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