$WORK was forming something of an ascending triangle mid-July before it was knocked down by the market and then news that it was suing MSFT. WORK has been a real battleground stock that I am long term bullish on.
Here I want to buy work below $31 as that has been the accumulation zone for me. I am going long WORK 2022 $30-$40 calls as well as stock and put sells. If my thesis is correct going long below $30 with $30 September calls should produce nice gains.
I have heard the "broken" or "busted" ascending triangle term a couple times before but I rarely see people mention it. The idea is that when an ascending triangle is broken or busted that the stock then finds support at a support level (or a lack of sellers/demand from buyers) -it hit just below $28, a dime or two away from my support level- and then "curls" off the lows and continues the busted ascending triangle pattern that was setup before. Now, the success rate of this setup is below that of an ascending triangle, not to mention that it's more rare; but it seems as if WORK is already curling off the lows, finding strong support.
I would go long WORK here for a first target of $34 then second target of $36.
Happy Trading
Here I want to buy work below $31 as that has been the accumulation zone for me. I am going long WORK 2022 $30-$40 calls as well as stock and put sells. If my thesis is correct going long below $30 with $30 September calls should produce nice gains.
I have heard the "broken" or "busted" ascending triangle term a couple times before but I rarely see people mention it. The idea is that when an ascending triangle is broken or busted that the stock then finds support at a support level (or a lack of sellers/demand from buyers) -it hit just below $28, a dime or two away from my support level- and then "curls" off the lows and continues the busted ascending triangle pattern that was setup before. Now, the success rate of this setup is below that of an ascending triangle, not to mention that it's more rare; but it seems as if WORK is already curling off the lows, finding strong support.
I would go long WORK here for a first target of $34 then second target of $36.
Happy Trading
Comment:
Potential double bottom here
