Short the CRWD FavoriteNASDAQ:CRWD
$CRWD - Crowdstrike's weekly chart appears to be completing a Head & Shoulders chart pattern.
The weekly candles have been rejected by the cloud, which is now resistance.
Although Crowdstrike has held up very well when compared to tech overall, it is still a high PE tech stock.
The current rising rate and QT environment will not favor this company.
Looking at the volume profile, it appears that meaningful support $130, $100, $60 price levels.
Based on the H&S pattern; I'm expecting price to drop to the 0.68 fib or $130 level (Target 1)
However, due to the depth of the H&S pattern, I believe a deeper fall to the next volume support near $100 is possible. (Target 2)
I hope to build a small short position on the next bounce.
I'll add more once I see confirmation of price below the neckline.