Long Work, breakout de consolidación Buena oportunidad de long si $WORK rompe 33.5,
Posible nivel:
34.7
35.2
WORK
Why Support Resistance do not work ?! - The truth (Big Players)Hello Traders!
This is a educational video about why Support and Resistance do not work.
I will cover how the market works and how the big players are using S&R for manipulation and in order to grow their wallet.
Hope you enjoyed this video. Tell me in the comment section down below if you are using Support Resistance and what you think about it. Are profitable with this strategy or do you combine it?
- Darius
WORK Analysis Weekly/Daily/4hr/1hr/15min all reviewed below. I'm confident in a bullish reversal in this setup and will grab the options contract 33c for a short term play.
Weekly Chart
3 Long Wick Rejections of Support 32.00
Simple ABC Correction
Bullish Channel
Daily Chart
2 Long Wick Rejections of 50EMA
High Wave Candle (Twice the Average Volume) followed by a Hanging Man Candle (Bullish)
Falling Window GAP (Exhaustion) 33.60 to 37.67
4hr Chart
Channel Down
Bullish Inside Bar (Belt Hold)
1hr Chart
Channel Down
Ugly Adam & Eve Double Bottom
Bullish Divergence (RSI/MACD)
15min Chart
Falling Wedge
Bullish Reversal
Double Bottom
People have valid reasons to be harsh on SlackFirst off, please don't take anything I say seriously or as financial advice. As always, this is on an opinion based basis. That being said, Slack recently had a positive earnings report, which shown higher year of year growth. This didn't stop the stock from dropping over 10%+ afterwards. There are valid reasons though why investors should be or are shortening it. The risk is high when comparing the enterprise value of Slack to the current market cap it has. 2019's revenue was $401 million. Even if they are on track to do $1 billion dollars a year, this gives a fair market value likely around $3.3 billion dollars. The 28.171B market cap and even 14.209B Enterprise Value, both put the stock at a premium. Earlier I talked about how companies like Tesla or even Ferrari could be looked at as overvalued. However, this isn't that bad when you notice their brand value comes with a large IP portfolio, manufacturing facilities, and actually reasonable expectancies for product quotas. Remove that, and you have a stock that is just in the digital transformation category that people are betting long because it was a unicorn. Slack does have really amazing potential when comparing it to competition in this space. However, at this price and the current financials, people seem to be overbetting long. It would be interesting to see if this stock dips, and then an entry buy may be better. Currently, you can try doing a buy entry now and sell at $41, but that would be a high risk trade given this stock has a high confidence interval of also dropping down to at least $29. I would say, keep this in the watchlist, but also keep in mind the financials. You have a stock at the very least overvalued 2x, but most likely overvalued closer to 10x. Some stocks are always speculative though, but still something to be weary about.
SLACK if breaks the support line it think it is a sellIf we lose the support line drawn I expect a move to the previous support zone
Testing All-Time Highs - Buy & Hold Thesis for 2020After having fully realized my previous trade idea (30-36$ upwards trend into earnings), yesterday $WORK ended the day at 38.38$, closing in on 38.62$ of all time closure. With earnings scheduled for Thursday after market closes, the stock is primed to test the 42$ handle, the historic intraday high.
I expect a strong quarter with positive momentum after earnings and the full reversal of the bear trade that rested on the assumption that Teams would eat out Slack. I see upside towards the 60$ handle until the end of the year. Given Slack's superior product, the recently established market leadership by Microsoft - mainly driven by Office 365 inertia integration - is set to be questioned as new users gravitate towards the best option. At 20 times sales, the upwards pressure is likely to intensify given the comparison to Zoom or Crowdstrike metrics.
Microsoft understands the existential threat posed by Slack and, therefore, is doubling down on the usage of its monopoly position to tilt user choice towards Teams. This trend is likely to continue in the second half of the year but doesn't alter the market structure where Slack continues its organic growth, even within Office 365 users. Microsoft faces a catch-24 situation with this rapid user growth, since its value directly antagonizes other sides of their business, namely the value of Microsoft Outlook and Email based communication. Without a financial incentive to make email obsolete, Microsoft business strategy will be force to cannibalize its own earnings or alter its product structure to fend this trend. Whatever the course taken, the integration of new users in this business communication infrastructure increases the market size for Slack penetration.
Slack has a superior product, more apps integrations and better user satisfaction. Its "cool" Apple-like approach is showing signs of incremental growth, with employees starting to demand Slack over Teams, as IBM is the latest example.
In a longer time-frame, the multi-file-based work structure is set to change, with the reduced importance of software allocated towards it, like G Suite or Office 365. In this new fluidly established communication pattern I expect Slack to tap a new market where its embedded artificial intelligence (some already available) could prove decisive and project it to be the next Google.
WORK - Slack Technologies Technical AnalysisTechnical Analysis:
The Idea is to go long based on the ascending triangle and the previous bullish trend.
Fundamental Analysis - News
Slack Technologies (NYSE:WORK) will report its fiscal 2021, Q1 results after the market close on Thursday, June 4. Analysts are projecting -$0.04 a share profit on sales of $254 million.
Slack, whose platform makes it easy for offsite workers to communicate and coordinate work documents, is another beneficiary of the virus-driven escalation in people working from home.
Its stock, which closed on Friday at $35.05, has gained 56% this year, even after a sharp decline in March. Still, some analysts have doubts about its long-term prospects.
It faces strong competition from Microsoft’s (NASDAQ:MSFT) rival Teams product.
“No investor doubts Slack’s cult-like product portfolio and impressive growth trajectory,” Wedbush analyst Daniel Ives said in a recent note. “The issue comes down to its long-term growth profile” with Microsoft CEO Satya Nadella “laser-focused on its Teams and the Office 365 opportunity.”
Half way on the profit zone. Would you collect some profit now?or would you guys rather wait until it hits the target?
WORK Analysis Ascending Scallop + Vertical Run Up + Measured Move Up + Triangle Breakout + Simple ABC Correction + Bullish Separating Lines + Rising Window + Bullish Momentum
Look for WORK to continue Bullish Continuation to next Price Target of 38.32 after a simple ABC correction. Initial Sell Target can be the 0.786 Fib at 36.24.
Notes:
Ascending Scallop Pattern (Weekly Chart)
Vertical Run Up Pattern from Fib 0.50, 0.618, and Bullish Continuation to 0.786 (Weekly Chart)
Measured Move Up Pattern (Daily Chart) 2nd Leg Bullish Continuation
Triangle Breakout (4hr Chart)
Simple ABC Correction (4hr Chart)
$WORK | WEEKLY OPTION UPDATEGood Afternoon Traders,
Today we will cover a few plays I'm in or looking at.
This morning we saw some massive movement all across the market. ACB up another 55%, USOIL ripping, yet we still have a fair share of companies crashing.
WORK - DAILY PLAY
WORK $28 PUT 5/22 @ 25 (Grabbed before the continuation)
The Next Play
We will look to grab some WORK calls expiring in 3-4 weeks which will give us a bit of wiggle room.
Something I may be looking to grab once we bottom out would be a WORK 31.5 Call. Right now they are priced at $178 per contract, once we come down some more they should be quite a bit cheaper (They are already down 30% today).
If you have any questions at all please feel free to direct message me.
Talk Soon
DotcomJack
Do Not Trade This, You Will Lose Money
WORK Poised for H&S Reversal and daily golden crossSlack printed a V-bottom and is now looking like a double right-shoulder H&S. Newly printed 200 EMA (red here) is looking to crossed by the 55 EMA (orange) for a golden cross. We see stochs bouncing in the neutral area and now moving into the bullish control zone, and a similar pattern playing out on RSI. Not much historical price action, so not a ton of resistance up above once we break past ~31 (the 618 fib from ultimate high to ultimate low). Small resistances at 35 (786 fib)/38 (886 fib, 1.618 fib from low to now) that I'll use for profit-taking. Measured move is technically to ~45, but hard to feel confident given the lack of historical data. I will use these profit-taking spots, leave the rest open, and then just monitor. Once I've hit the two targets, I'll move my stop into profit (exact spot I'll decide later once we get more data).
WORK / SLACK UP? or Down? im hoping its going up - I failed to make a trade after it falled today, but I really think the technicals look like a keeper, Id like to exchange ideas... I think this one has been and will continue to be slow, so maybe it will go up mid next week... Whats your thoughts
WORK - Short term upsideafter a long consolidation and a big breakout on high volume the stock is aiming higher
long as long price doesn't fall below 30$
targets on chart
Slack / WORK- Buy - inverted cup - bullish inverted cup breakout confirmed
the first target was achieved (neck line)
last day we closed above resistance level therefore we are now aiming the full range
Slack Technologies $WORK Finally BrokeoutAfter weeks, it has finally broke the $30.47 and hit $31.74 which is fib 0.618 resistance. It seems that it took it wind behind and will continue the next target.
WORK, Put the work in! Slack TechnologiesSlack Technologies long. Ascending Triangle bullish breakout. Measured move ~$37 @ 1.414 fib extension.
This is for learning purposed only.
Going Long Slack aka WORKIn my opinion this one looks like it's about to breakout above $30 to head to it's original IPO price. Look for tech laggards to gain some momentum while the huge caps in tech to flatten out in my opinion.
Not trading advice, my opinions only.
WORK
Slack Technologies $WORK$28.55 became very strong resistance and back again. It needs to get over RSI 56.61 accordingly so can break out.
Slack Technologies $WORKSAfter sharp down side, Work erased it lost and hit the resistance once more time on weekly and couldn't break $28.55. Watch for RSI as well.
