FASTLY Ready For Lift-Off [LONG]
The chart here of FSLY might be one of my favorite looking charts of recent memory.. however, if you are a close follower of the company, you may be a little fearful at the moment as this stock has gotten hammered for 10 months now. Not to mention the miss they had on earnings recently PLUS a bug in the company's infrastructure that apparently caused the web traffic of a major customer to vanish for almost an hour.
This has resulted in shareholders dumping the stock and leaving it for savvy traders to now scoop it up for pennies on the dollar as the stock has fallen 75% in value back down to fair value areas according to what we have outlined here in what appears to be the completion of a classic 5 Count Elliot Wave correction.
And now this young stock has found itself back above the $41 price level.. a very important level as there is nothing to catch the price below this level as far as the eye can see according to the common Fibonacci retracement of this asset's all time high to its all time low.
This makes the levels shown on this chart very credible and one who owns this asset would be wise to not fall asleep on what is happening to the stock's current price.
Furthermore, we have possible classic bullish divergence on the weekly.. although it is much more discernable on the daily.
Either way, FSLY looks all systems go in the fact that it is sitting snug above our .236 fib level, a technically great area for price to run to higher prices if support is maintained here.
It is currently a 6% drop to reach our desired entry at $41. So one might find a better, yet slightly riskier entry just above our heads at the next fib level which would be $45.40. Much higher above that we have more buy zones but the spot we are at now will be where the most gains are made.
Lastly on Fastly, anything below $40 is bearish and a daily/weekly candle close below this level would be enough to refrain from looking for any further longs in the immediate future.
If you own this stock and you are fed up with it, you may want to stick it out just a little longer as FSLY could be looking at a DOUBLE in price in the not so distant future.
This has resulted in shareholders dumping the stock and leaving it for savvy traders to now scoop it up for pennies on the dollar as the stock has fallen 75% in value back down to fair value areas according to what we have outlined here in what appears to be the completion of a classic 5 Count Elliot Wave correction.
And now this young stock has found itself back above the $41 price level.. a very important level as there is nothing to catch the price below this level as far as the eye can see according to the common Fibonacci retracement of this asset's all time high to its all time low.
This makes the levels shown on this chart very credible and one who owns this asset would be wise to not fall asleep on what is happening to the stock's current price.
Furthermore, we have possible classic bullish divergence on the weekly.. although it is much more discernable on the daily.
Either way, FSLY looks all systems go in the fact that it is sitting snug above our .236 fib level, a technically great area for price to run to higher prices if support is maintained here.
It is currently a 6% drop to reach our desired entry at $41. So one might find a better, yet slightly riskier entry just above our heads at the next fib level which would be $45.40. Much higher above that we have more buy zones but the spot we are at now will be where the most gains are made.
Lastly on Fastly, anything below $40 is bearish and a daily/weekly candle close below this level would be enough to refrain from looking for any further longs in the immediate future.
If you own this stock and you are fed up with it, you may want to stick it out just a little longer as FSLY could be looking at a DOUBLE in price in the not so distant future.
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