UPWK rises to highest close since July 10th
Upwork Inc. (UPWK) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, UPWK finished the month 4.02% higher at 15.02 after gaining $0.15 (1.01%) today, slightly outperforming the S&P 500 (0.77%). Today's close at 15.02 marks the highest recorded closing price since July 10th. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (UPWK as at Jul 31, 2020):
Friday's trading range has been $0.82 (5.44%), that's slightly above the last trading month's daily average range of $0.77. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for UPWK.
One bearish candlestick pattern matches today's price action, the Hanging Man. The last time a Hanging Man showed up on May 27th, UPWK lost -3.38% on the following trading day.
After trading down to 14.26 earlier during the day, the stock bounced off the key technical support level at 14.32 (S1). The failure to close below the support might increase that levels significance as support going forward. After having been unable to move above 14.99 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 15.08.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hanging Man" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Upwork. Out of 10 times, UPWK closed higher 60.00% of the time on the next trading day after the market condition occurred.