Slack tested the 29-30$ support/resistance level twice, and both times rejected with high volume. Earnings are scheduled for june 4th, until then positive momentum is set to stay. Still targeting 36$ in the near term.
Comment:
The week starting 26th of may is set to lay the framework for market participants expectations for the earnings the following week. The bullish trend established on the 7th of may keeps being the main force driving price action. Articulating volume, trend analysis and fundamental outlook, I still expect the stock to reach 36$ before the 4th of june (earnings date), giving a short-term profit opportunity.
Comment:
Just broke the upper trendline resistance level of 33.20, confirming the up momentum until earnings. Still targeting 36$ in the near term (1 week horizon).
Trade closed: target reached:
Investment Thesis Confirmed. Enjoy your 20% profit ;)
