With Wednesday’s move higher, the NASDAQ has put some separation between itself and support at 12,250. From a technical analysis point of view, it could mean the index has more room to move higher.
When the NASDAQ is in go mode, technology stocks tend to do well. In our most recent Market View E-Letter, we noted that Software stocks appeared poised to take a step forward if the overall markets cooperated, which is what looks like is happening.
Asana, Inc. (ASAN) is a software application company that operates a work management platform for individuals, team leads, and executives in the United States and internationally. Its platform helps organizations to orchestrate work from daily tasks to cross-functional strategic initiatives; and manages product launches, marketing campaigns, and organization-wide goal settings.
ASAN’s 50-day moving average recently crossed from below to above the 200-day benchmark. This is known as the Golden Cross. Shares have been on a strong run higher after pivoting at $15.50ish. If Wall Street continues to push prices higher, Asana could complete the right side of a “V” pattern, which could eventually put $22-23 in play. The software stock should catch support in the $17 range if it slips with profit taking. A close below $15.50, and it would be time to cut losses in our view.
Day/Swing trading stocks is highly aggressive and only appropriate for investors who can afford to lose chunks of money in short order.