CRWD Short IdeaCRWD is the talk of the town after last week's IT outage. It's still unclear what the full impact may be for some companies. I'm seeing a lot of bullish speculation, folks talking about how we should buy the dip because CRWD is so important it brought down the entire planet with one bug. I think that may be true, and I'm bullish on cyber security moving forward.
However, we can't ignore the technicals. It already broke its short-medium term uptrend, which happened well before the outage. This is a fairly important trend break, I don't think it's a good idea to be longing this thing at the moment. I'll want to see a reclaim of the uptrend before I'm convinced the sell off will be short lived. Which means it needs to get back above the $350-$360 area before I would say bulls have regained control.
For now, I'm looking for shorts on retest of some of these recent trends and support levels that broke to the downside.
