SLACK Possible Reversal Area Soon
Slack's stock [WORK] has been following this descending channel since it's boom in June.
Investors noticed that Slack is a good "corona" stock since people are working from home and therefore need some kind of communication tool. However, Slack is losing the fight from Microsoft's teams, which is simply a better and more developed product.
My play would be that the stock will rise another few percent towards $31, consolidate for a while, and later drop off on the perspective of bad earnings.
If the stock would beat the resistance around $33, a long play might be worthwhile. Watch out for earnings though, since it can go both ways.
Investors noticed that Slack is a good "corona" stock since people are working from home and therefore need some kind of communication tool. However, Slack is losing the fight from Microsoft's teams, which is simply a better and more developed product.
My play would be that the stock will rise another few percent towards $31, consolidate for a while, and later drop off on the perspective of bad earnings.
If the stock would beat the resistance around $33, a long play might be worthwhile. Watch out for earnings though, since it can go both ways.
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