![]() If this floor holds, shares could move decisively higher. Specifically, he views FSLY’s price action as testing the $75 support level. Recently, InvestorPlace contributor Tyler Craig suggested that Fastly stock could represent an opportunity in the making. However, this isn’t the only interpretation available. But a breakdown will occur (number six), followed by a much more comprehensive bearish fallout (number seven and eight). If my interpretation is correct, shares will move higher in the near term (the fifth price action event on my chart). Now, compare that to the chart of FSLY stock. The violation of the second trough completes the pattern.”įor your benefit, I’ve drawn a representation of a broadening top. “It shows three successively higher peaks and two declining troughs. From Murphy’s book, Technical Analysis of the Financial Markets, a broadening top is a type of expanding triangle that usually occurs at market tops. Murphy, what we could be seeing is a broadening top formation. ![]() That uncertainty is reflected in an unstable trading pattern in FSLY stock.Īccording to the godfather of technical analysis, John J. Plus, there’s another variable at play - talk could break down, sending Fastly crashing. If the software and tech giant secures a deal, FSLY will be off to the races.īut that’s also a big if. And in many ways, the move makes sense, giving Microsoft a younger edge that rival Apple (NASDAQ: AAPL) enjoys naturally.Īlso, as far as FSLY stock is concerned, Bixby notes that Fastly already does business with Microsoft. As you probably know, Microsoft (NASDAQ: MSFT) is very interested in acquiring TikTok. In the first half of this year, the popular app accounted for 12% of total revenue. According to Fastly CEO Joshua Bixby, TikTok is the company’s single largest customer. If such a ban occurs, it would have a material impact on FSLY stock. As a result, the president took out his Sharpie and issued an executive order which placed the app in a bind: find an American buyer by mid September or be banned in the U.S. One of the most popular social media apps - don’t ask me why - TikTok has found itself under fire from the Trump administration due to the platform being a possible national security risk. Yet shares gapped down badly the day after. So, you’d expect FSLY stock to soar on the announcement. Best of all, management raised its 2020 guidance. However, Fastly blew this target out of the water with $74.7 million, exceeding the top end of the forecast spectrum. Individual estimates ranged between $70.9 million to $74.5 million, with the consensus resting on $71.4 million. Just as impressive was the company’s revenue haul. Instead, EPS came in at a positive 2 cents. Heading into the print, covering analysts anticipated that Fastly would produce an earnings-per-share loss of a penny. If you needed more confirmation, management provided it with a stellar second-quarter earnings report. ![]()
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