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
In his Trading Room this week, Mike Paulenoff highlighted Sonos, Inc. (SONO) on Monday when it was trading at $12.99.
Mike liked the stock's powerfully developing 18-month base formation that was propelling it from its March low at $6.50 towards a confrontation with multi-month resistance at $16.00-17.00.
As fate would have it, a bullish report was issued by a well known independent research firm, which placed a $30 target on SONO.
We've been following Telsa (TSLA) closely in our MPTrader Trading Room, particularly in this past topsy-turvy week.
With Zoom (ZM) at a price of 202 and heading into its earnings announcement Tuesday June 2, Mike Paulenoff noted in his Live Trading Room:
"Unless ZM breaks and sustains below 190.00, it still has unfinished business on the upside into the 228-232 target zone, which is the next zone from where the bullish intermediate-term pattern should stall, and roll over into a potentially significant correction.
On May 7, as the iShares Silver Trust (SLV) broke out of a moving average cluster just above 14.00, Mike Paulenoff noted that "a big directional move [was] approaching" which would initially challenge the 14.80 prior rally high and beyond that 15.65/85.
This week in Mike Paulenoff's Trading Room, Mike's warning about a breakdown in Bank of America (BAC) came true.
First alerting members on May 4 that BAC was challenging its March-May support line, Mike posted again this past Monday May 11 that the stock "is about to initiate a new down-leg after completing a March-May counter-trend rally."
BAC went on to drop from $22.75 at the time to a low of $20.10 on May 14, or 11.6%, before closing the week at $21.44.
