UPWK pushes through Friday's high
Upwork Inc. (UPWK) Technical Analysis Report for May 26, 2020 | by Techniquant Editorial Team
UPWK ended Tuesday at 12.56 gaining $0.26 (2.11%), outperforming the S&P 500 (1.23%). Trading up to $0.23 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 12.50, Upwork confirmed its breakout through the previous session high after trading up to $0.22 above it intraday.
Daily Candlestick Chart (UPWK as at May 26, 2020):
Tuesday's trading range has been $0.50 (4.02%), that's far below the last trading month's daily average range of $0.91. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for UPWK.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on May 19th, UPWK actually lost -7.62% on the following trading day.
After trading down to 12.22 earlier during the day, the share bounced off the key technical support level at 12.23 (S1). The failure to close below the support might increase that levels significance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.