Fastly (FSLY) is a cloud computing company that is now showing a technical pattern for a swing trade long idea. The stock has been in a range between 75 and the high 120s, and has recently compromised the range low. Since the break, price action has found stability and has produced a compelling bullish reversal pattern with significant potential.
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Fastly (FSLY) has recently had a significant retrace into the low 70’s, high 60’s. The key support of 75 has been taken out, but the bullish reversal structure that has appeared in the area slightly below has confirmed renewed buying.
The technical structure in play is a broader failed low followed by a more recent higher low pattern. This is the type of stability we look for in a bullish reversal swing trade idea.
Here’s the trade idea:
Buy Stop: 73.50
Stop Loss: 63.50
Target 1: 83.50
Target 2: 93.50
Target 3: 105.50
Keep in mind this is from a short term technical perspective. Large price gaps like the one between 95 and 120 have a tendency to be filled, which can take place over the next few weeks.
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