Naked Chart Trading: CRWD 5 Jun 2024

The cybersecurity company raised its full-year earnings and revenue guidance. It also issued better-than-expected second quarter guidance. For Q2, CrowdStrike sees adjusted earnings per share of $0.98 to $0.99 versus the $0.91 estimate. It expects to report revenue in a range of $958.3 million to $961.2 million compared to the $954.6 million estimate.

Despite positive fundamentals, CRWD's share prices continue to fall and testing USD300 level. Good news is, the share prices rebounded more than 6% on overnight trading hours, will it continue its rebound tonight?

Daily chart indicated CRWD in a more to bullish trend, but potential sideway/technical correction in short term, as selling pressure strengthen with more red candles and a potential double top bearish reversal pattern in forming if prices close below USD270.

Anyway I do not expect CRWD to go below USD200 for now, so my Fibo analysis is based on Jan 2024 low to Mar 2024 high. Support levels are 50% USD300, 38.2% USD280 and 23.6% USD265. Resistance levels are USD320, USD330, USD345 and USD365.

In my opinion, CRWD can rebound as long as it stays above USD300 level, while below USD300 likely to retest previous low of USD270 level.

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This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.