FSLY trade ideas
Possible Parabolic ArcLooks Parabolic to me. I was in this one a few weeks ago and I do know it is as volatile as a volcano! The tail candle wick has already dipped close enough to the 38% level, but these patterns can fall 50 to 60% of their prior high in correction mode.
The low is 10.63 and the high is 102.95
I did the math in my head so the numbers may not be exact to the penny, but neither is technical analysis..LOL
This is a strong stock and may have fallen as much as it is destined to fall
Be safe
Possible Head and ShouldersAs majority of the Tech companies are being pulled back after continuing to break new highs, we are seeing bull flags or a head and shoulders patterns starting to form. Overall still bullish for FSLY as we are still in the middle of Covid-19 where these kinds of tickets thrive. 👍
Play invalid if we show strong rejection @76.87 and break above @88.11
Will $FSLY Continue the Uptrend?Fastly price action is currently sitting on support at 78.
It is also nicely sitting on a 20-day moving average support.
Short term trend so far is still intact. Midterm and long term trend is still bullish. Fastly is on healthy correction.
Interesting to note is a major support at 76.44. The probability of going down its support may be low as selling pressure has been reduced as can be shown in its decreasing volume.
A break out of its resistance at 81.63 and 87.77 are good signs to continue its uptrend. The catalyst of this breakout could be good earnings EPS revisions in Aug 2020 as it projected to have 41.27% EPS revision 12/20 FY and 50.91% 12/2020 FY.
Fundamentally, $FSLY quick ratio is 4 which is better than 91.42% of the industry, 85% better than S&P Companies and 87% better than US markets. Its Current ratio is 6 which is better than 94.89% of the industry.
Forward PE is surprisingly better than 93.39%of the industry; 99% better than SP500 and US markets.