$MNDY Long - Double Bottom BreakoutA Double Bottom was confirmed and this pattern tells us that the price seems to have reached a bottom after failing to break through a support level and ultimately rising higher in a sign of reversal to a new uptrend. The pattern formed over 116 hours and 45 minutes, which is a rough guide for how long it might take to reach the target price of 220.0 - 232.0.
MNDY/N trade ideas
Monday - New listing worth keeping an eye on.Not a whole lot to say about this one. Monday is a cloud based system that allows teams to very efficiently work together on projects with well defined workflows and easy to use hand off points.
My main interest is my sister uses it to completely power and drive efficiencies through her business. Every week she adds something that just further tweaks her workflows to drive out costs and improve turn around times. I'm impressed with how well it works.
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Monday.com Marches HigherMonday.com went public on June 9 and nearly tripled from its offering price by early September. Now after a pause and consolidation, it may be offering an opportunity to trend followers.
The main pattern on the chart is the steady march higher along the rising 50-day simple moving average (SMA). This move also matches a trend line that started in early August.
At the same time, MNDY has been unable to stay above $380. Coupled with the rising trendline, that resistance has created a bullish ascending triangle.
Next, the 8-day exponential moving average (EMA) crossed above the 21-day EMA last week. MACD turned positive around the same time. That may suggest shorter-term momentum is growing more positive after the dump lower on September 28.
The next event to watch is MNDY's quarterly earnings report in the premarket on November 10. The last set of numbers on August 17 beat estimates, with strong guidance. It was followed by price-target hikes by firms like Needham, Jefferies, Oppenheimer and Canaccord Genuity.
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