$GTLB - Morning Star Signals Possible End of Downtrend$GTLB shows a Morning Star candlestick pattern after a long downtrend. This occurred after an apparent breakout of the current leg of the downtrend.
RSI is highest it's been since Nov 2021. MACD is curling. Volume is relatively higher than average, but I'd prefer to see it much higher to boost confidence.
Price has surpassed one level of resistance, but want to see it break and hold $74.00 before committing to going long.
I don't normally trade this setup, and am not convinced the price movement wasn't in sympathy with other Packaged Software companies. Worth watching next week.
Always practice risk management.
1GTLB trade ideas
GITLAB is overvaluedFundamentals:
- has massive competitors such as Microsoft (MSFT), Amazon (AMZN), Oracle (ORCL), International Business Machines (IBM), and Atlassian Corp (TEAM)such as Microsoft (MSFT), Amazon (AMZN), Oracle (ORCL), International Business Machines (IBM), and Atlassian Corp (TEAM)
- competitors are all profitable; Gitlab is not.
- Gitlab's NOPAT Margin is -141% and ROIC is -76% .
- As of June 2021, GitLab had 30 million free users with just 15,356 paying users . GitLab has converted less than 1% of its user base.
- 13.65 Billion Marketcap is definitely ways too high
- 2 Analysts lowered their pricetargets for Gitlab after they released their earnings on 6th December. JP Morgan gave GTLB an neutral rating at 99$
Technical Analysis:
- looks like its bear-flagging: rising on very low volume. The long wicked candles reinforced the assumption.
- got rejected 2 times at 97$ resistance area in the last 2 days. Buyers losing momentum.
$GTLB is giving a GREAT IPO LONG opportunity todayIPO intraday trading strategy idea
The share price is rising and gonna continue this trend today.
The demand for shares of the company still looks higher than the supply.
These and other conditions can cause a rise in the share price today.
So I opened a long position from $94,37;
stop-loss — $90,98;
take-profit — $104,54/MOC price.
Do not view this idea as a recommendation for trading or investing. It is published only to introduce my own vision.
Always do your own analysis before making deals. When you use any materials, do not rely on blind trust.
You should remember that isolated deals do not give systematic profit, so trade/invest using a developed strategy.
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