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
On May 27, Mike Paulenoff posted the following bullish commentary about iron ore producer Cleveland-Cliffs (CLF):
"CLF is up 6.7% today precipitated by the company's announcement that it intends to pay off a slug of debt of holders of Senior Notes due in March 2025! There is nothing Wall Street loves more than profits, but a close second is reduction in debt. Technically, CLF's U-Turn off of Monday's low at 17.
On the morning of May 27th, just hours after Nvidia Corp. (NVDA) reported earnings, Mike Paulenoff gave this bullish assessment to MPTrader members:
"In the absence of damaging weakness beneath last eve's algo, knee-jerk spike low at 611.02, and subsequent follow-through beneath 600, my technical work remains 'friendly,' and points higher, to test the ATH at 648.57, in route to 675-680 thereafter."
The stock, which was trading at 628.
Back on July 16, 2020, Mike Paulenoff alerted MPTrader members to a potential turn in the long-term downtrend in the grains markets, reflected in his trend analysis of DBA (Invesco DB Agriculture Fund), an ETF consisting of agricultural commodities (grains, softs, and livestock).
In that changes in inflationary expectations are at the forefront of investor's considerations for the first time in decades, Mike's focus on a potential sharp climb in grains prices certainly was well-timed and well-received.
After Home Depot (HD) announced earnings on Tuesday that beat the Street on most of the important metrics, goosing the stock to the 327.25 area, Mike Paulenoff cautioned MPTrader members.
He briefly discussed HD's near-term technical set up, which looked promising as long as HD held support above 315.21, but then added:
"From a Bigger Picture perspective, my work presents some less promising prospects for HD's potential upside price path.
This past Friday, 30 minutes before the release of Retail Sales data for April, Mike Paulenoff posted his analysis of XRT, the SPDR S&P Retail Sector ETF.
After explaining in detail his analysis, which you can read here, Mike concluded: "All of the action from the Jan. 28th high at 99.24 through Tuesday's (May 12th) higher pullback low, represents a larger, bullish digestion period and pattern atop the dominant 15 month uptrend.
