Are You Letting Mike's Analysis WORK For You?
by Mike Paulenoff
June 20, 2020 • 12:00 AM EDT
In his Trading Room early this week, Mike Paulenoff wrote that Slack Technologies (WORK) looked poised to hold key near-term technical support at 29.50 off of its June 3 high at 40.78, and to turn up to challenge and take out key near-term resistance at 32.75-33.60.
Mike's analysis was informed by a combination of the chart and the potential impact of growing Coronavirus cases on demand for work-at-home technology platforms.
WORK was trading at 30.40 at the time of Mike's first writing (see chart below), and got up to a high of 34.67 this week before closing the week at 33.13.
What's ahead for WORK? Join our Live Trading Room and find out.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
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More Top Calls From Mike
Back on March 1, 2022, Mike Paulenoff posted a technical "heads-up" about JPM for members of MPTrader.com, writing:
"JPM has broken down in glaring fashion from a 12-month Top Formation that my pattern work addressed four weeks ago in case JPM sustained beneath 139-140. Today's low at 134.15 violated my shallowest target zone of 135.50-137.50, and points next to 128-130, with an outlier target zone in the vicinity of 115.
Last Monday morning, May 2, as the equity market careened to the downside ahead of Wednesday's FOMC meeting and the prospect of the biggest rate hike in decades (50 bps), Mike Paulenoff alerted MPTrader members to a potentially significant developing technical setup in AMZN, which had hit a new 13-month low.
Mike wrote: "AMZN pressed to a new corrective low at 2367.50 this AM, a full 37% beneath its ATH.
On Thursday, April 14, Mike Paulenoff cautioned MPTader members about possible near-term upside exhaustion in YIELD and downside exhaustion in longer-term bond prices (and the TLT), writing:
"10 Year YIELD spiked to a new multi-year high at 2.84% today, but Daily Momentum remains well below yesterday's Momentum high, which is our first indication that perhaps the vertical assault in benchmark YIELD is nearing upside exhaustion.
JPM (JP Morgan) reports quarterly earnings this coming Wednesday during pre-market hours. Investor reaction to this particular report is positioned to have a significant influence on the price of the stock. JPM's outspoken and high profile CEO Jamie Dimon already has warned us that changing (i.e.
On Monday March 21 Mike Paulenoff posted a bullish alert on MPC (Marathon Petroleum Corp) to MPTrader members, writing:
"MPC popped out of my research over the weekend largely because its technical setup argues that all of the action off of its February high at 81.39 (see my attached Daily Chart) has carved out a high-level bullish digestion period and pattern above 72.50, and if preserved, projects to a thrust into a new upleg above 81.
