FSLY outlook, wave 5 target 90Completion of wave 4 on FSLY going into the close, target wave 5 o 90, and then an ABC retracement to around 77, but that is a tentative target. Copyright Rohan Karunaratne 2020
Fastly
Fastly (Don’t explain your philosophy. Embody it.)View on FASTLY (2 Nov 2020)
Fastly has broke the strong support region of 80-95 region in the recent day and that region has become a resistant.
Now the Price Action traders are trapped.
So, It may be late for a short but as long as 80-95 region is not broken up, we can still see the BEAR move as we forward.
DYODD, all the best and read the disclaimer too.
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Not sure I under the Fastly obsession Fastly trades at at a price-to-sales ratio of 32. AND that's after a 40% drop in its share price and a guidance cut.
I mean, there are 4000+ other stocks to pick from and probably 10 other similar names in this space. I'm not sure I understand why so many people are crazy bullish about this name. Unless you think they can double and triple their revenue for the next 3 years without any more hiccups, this thing is still way overvalued and potentially way over followed.
Now, I have no position, and I respect the companies product. Becoming a publicly traded company is NOT easy. So anyone company that does that? Well ,impressive. But, this definitely on my watchlist. I think if it can bounce back into the 80s, some puts will look mighty attractive. a return to $50/share seems possible.
FSLY H&S showing on the daily chartLet's see how this plays out..looks like if the market trends down next week FSLY will not be in a good defensive position.
FSLY- Down, but not out yet. UPDATELike I stated before, if price goes back above 90 and successfully retest the lvl, then bulls have the chance. If not, potential play is to build up shorts inside supply zones, then close the shorts and flip long once the price lvl is inside the buy zone.
FSLY- When the momentum stock loses its momentumTrend line is temporarily broken and there was no strong bounce back after the price crashed to the confluence zone of POC, 50 SMA and fib 38.2 level, indicating a weak demand at this lvl. There is little sign of decreasing selling pressure at this moment.
If FSLY doesn't get back above the resistance and supply zone of 90 convincingly in the next days, party may indeed be over.
Generally speaking, when you see the momentum stock decline significantly after the positive earning, this should be your first warning sign that investors are disappointed that the stock fails to live up to their lofty expectation. This is especially true for momentum stocks with lofty valuation.
Market tops are often made when stocks react negatively to positive earning or when stocks stop going up on positive news.
It is possible though that the short-term negative sentiment is caused by the TikTok news, but it is undeniable that the growth of enterprise clients for FSLY has slowed down recently.
The overall macro is still good for Fastly though as E-commerce is still thriving. I am also bullish on the cybersecurity industry as whole and another market-leading CDN in the edge computing space you can capitalize on is NET.
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Fastly bump up soonThink we are close to a bottom in this move ~77 to ~82 is where I'm expecting right now.
Fastly more downsideStill think spike is a corrective move because of how the structure looks. Watching for a 5 wave impulse and 3 wave correction to turn bullish
FSLY C waveClose to my double bottom target in previous video but I'm leaning towards further correction to see that double bottom or ~70 at this point. Will turn more bullish if this move up turns into a 5 wave and breaks above ~85
FSLY moving towards a C waveI think the B wave is in ~88. Expecting more correction at this point for a C wave.
FSLY looking for a top in wave bFSLY still looking like a corrective move at this point. Still think a higher wave b then move towards a lower then 74 C. Could be that its overall corrected but not my most likely count right now.
Will $FSLY Continue the Uptrend?Fastly price action is currently sitting on support at 78.
It is also nicely sitting on a 20-day moving average support.
Short term trend so far is still intact. Midterm and long term trend is still bullish. Fastly is on healthy correction.
Interesting to note is a major support at 76.44. The probability of going down its support may be low as selling pressure has been reduced as can be shown in its decreasing volume.
A break out of its resistance at 81.63 and 87.77 are good signs to continue its uptrend. The catalyst of this breakout could be good earnings EPS revisions in Aug 2020 as it projected to have 41.27% EPS revision 12/20 FY and 50.91% 12/2020 FY.
Fundamentally, $FSLY quick ratio is 4 which is better than 91.42% of the industry, 85% better than S&P Companies and 87% better than US markets. Its Current ratio is 6 which is better than 94.89% of the industry.
Forward PE is surprisingly better than 93.39%of the industry; 99% better than SP500 and US markets.
FSLY wave Bbased on movement today I'm leaning toward A being in and looking for slightly higher B at this time
FSLY correctingWaiting for an impulse to signify a bottom in this correction.
FSLY has a lot of potential based off of this impulse.
Fastly Inc approaching wave 5 finishThe correction was quicker/shallower than anticipated. Looking at a 5 wave completion to finish out this impulse.
