UPWK 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 ! :)
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 ! :)