Upwork (UPWK) Upwork setting up well as it emerges from a pennant structure.
Pivot held
50-EMA reclaimed
Current: $51.07
Stop: $47.20
Tgt: $56.15 (gap close)
UPWK trade ideas
Upwork bullish patternBullish pattern indicated by both channel down and ascending triangle.
Not financial advice, only my opinion.
$UPWKUpwork currently sitting in a huge ascending triangle on the daily w/ a double top.
The last month and a half for Upwork has been a struggle with price continuing down but with price currently at support it gets my attention.
Price closed up 5.84% on Friday with a huge engulfing which could confirm a rotation in trend.
We also can see the MACD curling w/ the RSI running towards 50.
Keep this on your watchlist for next week.
- Factor Four
UPWK: Oversold SwingUPWK is rebounding well at the support zone at crucial $40. Its slowly peaking above 50sma on 4 HR chart. It is also up over 4% on the day which is a good sign for the bulls. RSI and MACD are very oversold with showing a good reversal. The next resistances or TP are validating at two moving averages, 50 EMA (at $48) and 200 SMA($45).
UPWORK broke out of the H&S patternNASDAQ:UPWK broke out of the head and shoulders pattern. Anticipated price action and targets are shown on the chart, stop loss daily close below 50 MA.
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This is only my own view and not a financial advice, do your own analysis before buying or selling
Happy Trading!
$UPWK Breakout today and get back below pivot point$UPWK Breakout today and get back below pivot point.
Last quarter, the company reported nice figures.
Let's see if the stock can follow during the next days.
If so, let's see if we can find a nice entry point.
Upwork $UPWK is trying to follow through NASDAQ:UPWK is in a clear uptrend and last week made a good breakout from a large base in which I took a position. On the last 10 trading days, the tech stock has 5 days up and 5 days down. Is a little unclear for me if it can hold gains so, my stop is at breakeven. I have a price target of $62.18, but if it continues to move up strong enough I'll sell have my position and hold the other half.
This stock has strong revenue growth and very good relative strength against it sector. NASDAQ:GIGE is an ETF concentrated in global companies that directly participate in revenue generation from “gig economy” such as: web-based stores, auction sites and app-based platforms. Some of its holdings are NYSE:SHOP , NYSE:TWTR , NASDAQ:TWOU , among others.
My View on UPWKBull Flag, I expect UPWK would touch $90 in October. Wave 3 and 5 coming.
Price entry 51 -52. Take profit $90. Stop-loss $46.
I think Butterfly Option which is a good choice
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This is not financial advice. I'm not a Financial Advisor.
Trading is a high risk, do your own DD.
Let me know what you think
Cheers, I would share all my thought next time.
PEACE.
UPWK - bottom head & shouldersUPWK finished a 4 month head & shoulders pattern. 6/22 broke up pivot $49.5. 1st PT is $62
UPWK Looking for SupportSitting right on support at $45.45. A break here would likely cause a test of $44.28, and after that, I would look towards $41 next.
UPWK Earnings - Potential retest of ATH Potential earnings play, online services have done extremely well in the previous quarter. Upwork might be set to retest ATH and is currently forming the start of a cup and handle patter.
Cut loss below 43
UPWK recovering, now next hurdleUPWK was fighting to stay alive, trailing along it's support zone at 42ish. It held and since has busted out of the Feb downtrend and has been making a comeback.
Yesterday regained it's 50 day SMA and that's good, it's going to need some strength to get through next area of selling pressure - a push past 50 would be one sure sign this is making a formal move for new highs.
UPWK - Gaining momentumUPWK has established a strong horizontal support zone @ 39-41 (which is about 50% fibonacci retracement of the major AB swing up). It bounced off a mini double bottom here and soon began consolidating between 44.50-47.50 in the past week.
Today it started to move out of this bull flag and with RSI now rippling above 50, the chance of a sustainable upside is good.
Long with initial stop loss just below 44. Trail stops up as trade goes our way. For swing traders, suggest to scale out on the way up @ 55 and then 64.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)
ST Bear, LT BullNo surprise in the headline here. UPWK , just like FVRR , has had one hell of a run. COVID has shown us that freelance work is cheap and effective, and that this is the future as digitization and globalization improve. Congratulations to everyone who has been in either of these stocks since the beginning.
PRO: Both UPWK and FVRR have 'modest' market caps at 5.5 and 7.8 billion... which is significantly higher than a year ago. These are but a fraction of the potential freelance industry (IMO) and will return to these levels and higher in the LT .
CON: UPWK has the safer business strategy IMO, with their focus serving business contracts. Comparably, FVRR serves mostly consumer level contracts. They are each starting to get into each others' spaces. I don't love the business model of either: mostly, they each take a cut of the job, but nothing is stopping someone from paying a freelancer directly and cutting out these companies as the middlemen. I trust they'll figure it out eventually.
WHERE TO BUY:
- I'm waiting for weekly (if not monthly) consolidation, the nearest points to look for a bounce being at roughly $33 and $30 (representing 25% and 31% downside respectively). This would be my first look at buying.
- After the above, UPWK IPO'd at $23/share. I think this is a reasonable scouting point for a LT entry, particularly considering revenue has gone from $153 to $373 since then (FY 2018 to 2020), 2.4x. If we're valuing this unprofitable growth stock based on future value and revenue growth, then this value would be a huge discount! The implied stock price based on this revenue multiple would be $56/share (2.4*$23), slightly below where we topped out.
- Weekly RSI is below 70 for the first time since October. Let's wait for <40.
- Weekly MACD is screaming "LOOK OUT BELOW". Let's wait for a sign that weekly consolidation is losing momentum.
$UPWK CHART
Hammer long shadow
Holding 65 EMA but under 50 DMA
Holding 50% Fib retracement
Stoch oversold
RS Rating 98
FUNDAMENTALS
EPS Rating 80
Group RS 68
SMR Rating C
Acc/Dis Rating 92
Timeliness Rating B
Sponsorship rating B
EPS last Qtr +100% / Sales +32%
Funds significantly increasing Sep-20 (276) > Dec-20 (329) ( 2 high quality)
Mgmt owns 25%
BUY $UPWK - 03.01.2021Stockonomy Weekly Pick 03.01.2021
UPWK has seen some volume kick in recently following earnings last week.
Price appears to have since consolidated at key levels signaling a hopeful trade entry.
"Upwork Inc., together with its subsidiaries, operates an online talent marketplace that enables businesses to find and work with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's platform provides access to talent with various skills across a range of categories, including sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development. Its platform also enables clients to streamline workflows, such as talent sourcing, outreach, and contracting. The company's platform offers access to various functionalities for remote engagements with freelancers comprising communication and collaboration, time tracking, invoicing, and payment. Its marketplace offerings include Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll, as well as managed and internet escrow agency services. The company was formerly known as Elance-oDesk, Inc. and changed its name to Upwork Inc. in May 2015. Upwork Inc. was incorporated in 2013 and is headquartered in Santa Clara, California." (Yahoo Finance)
