Slack Technologies Inc. – interesting stock in the work-from-home economy

Slack Technologies Inc. (NYSE: WORK)

Slack Technologies, Inc. (NYSE: WORK) runs Slack, a business technology and communications software platform. Its platform brings together people, applications and data using the SaaS model – software as a service.

Amid the COVID-19 pandemic, more and more business software applications are gaining popularity. There are rumors that the Slack team is working with Microsoft to bring in common conversations and chats between their platforms.

Technical analysis:

On the daily chart there is a formation of a descending broadening wedge pattern, from which the price has already broke out. Same brekout can be seen on the weekly chart. Price target of the patter is minimum $37. Upon successful breakout and hold above $37 and increase up to the upper price target can be expected – around $45. Weekly and daily charts are both having 13/21 EMA bullish crossover, signalling upward momentum.

Alternative scenario:

If price breaks below daily support around $24.60, the pattern will be invalidated.

 Junior Trader Radi Djuma

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