After just having a failed retest at the top resistance line of the channel (which could have been a support line), CRWD is now hitting the roof of the channel again. The RSI is being tightly wedged between two trendlines; volatility is also contracting. From what I can tell there is high chance of breakout on this stock.
If I wanted a short term trade with a good chance of carrying out, I would wait for a breakout. This will be signaled by a big jump in volume on an up day. If the price hits the open of September 1st (above the 132 level) I would consider taking a short term position and taking profits if the price hits the close of September 2nd (142.50 level). We could also see a failed retest so I would set a stop loss around the current price, the 130 level.
If I wanted a short term trade with a good chance of carrying out, I would wait for a breakout. This will be signaled by a big jump in volume on an up day. If the price hits the open of September 1st (above the 132 level) I would consider taking a short term position and taking profits if the price hits the close of September 2nd (142.50 level). We could also see a failed retest so I would set a stop loss around the current price, the 130 level.
