Anticipating The Upside Breakout In CRWD
by Mike Paulenoff
December 3, 2023 • 11:31 AM EST
Eight weeks ago, Mike Paulenoff discussed the budding technical setup and upside breakout in CRWD (CrowdStrike Holdings) with our MPTraders members, writing:
"CRWD has followed the bullish scenario we discussed in late August, and in fact, today (10/06/23) has thrust above 5 months of resistance to new recovery high territory at 176.32. Although my next optimal upside target zone is 190-200, the BIG picture setup points to 230-240 thereafter... Last is 174.86..."
Fast-forward to this past Wednesday, November 29, hours after CRWD reported its Q4, 2023 earnings, when Mike followed up to MPTrader members:
"For anyone who participated in CRWD into last evening's Earnings Report, congrats! This is what we discussed about the technical setup on November 1st, my prior update in the stock: Late yesterday, fellow member Plato inquired about my updated technical view of CRWD... Bottom Line: As long as any forthcoming weakness is contained above the up-sloping 50 DMA, now at 169.31, the dominant uptrend pattern off of the January 2023 major corrective low at 92.26 will remain intact, as will the series of higher-highs into the 10/19/23 high at 191.99. My pattern work argues for upside continuation that takes out 191.99 toward a challenge of the next higher consequential resistance zone at 202 to 206... Last is 178.35... Fast-forward to today (11/29/23)-- a few hours after earnings-- unless CRWD weakens beneath key nearest support at 225-227, my pattern work points higher to 242-246 next... Last is 233.41..."
Mike's attached Daily Chart shows that the timing of his October "Heads Up" to MPTraders members occurred right at a powerful technical inflection point of upside acceleration that has generated a 36% price advance so far.
What's next for CRWD's price trajectory? Will the Cyber Security sector continue to gain upside momentum, or experience exhaustion?
Join Mike and MPTrader members for their continuous, actionable intraday technical and fundamental discussions of CRWD, as well as many individual stock names, sector ETFs, macro indices, commodities, precious metals, and Bitcoin as we conclude 2023 and enter into what figures to be an extremely challenging 2024.
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