UPWK closes within previous day's range
Upwork Inc. (UPWK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, UPWK finished the month 16.08% higher at 14.44 after gaining $0.20 (1.4%) today, slightly underperforming the S&P 500 (1.54%). Today's close at 14.44 marks the highest recorded closing price since November 6, 2019. Trading up to $0.23 lower after the open, Upwork managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (UPWK as at Jun 30, 2020):
Tuesday's trading range has been $0.63 (4.42%), that's slightly below the last trading month's daily average range of $0.76. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for UPWK. Prices continued to consolidate within a tight trading range between 13.71 and 14.69 where it has been caught now for the last three trading days.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After trading down to 14.02 earlier during the day, the share bounced off the key technical support level at 14.20 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on June 16th, UPWK actually lost -1.32% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 14.69 where further buy stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Upwork. Out of 50 times, UPWK closed higher 64.00% of the time on the next trading day after the market condition occurred.