It’s not one we discuss often, but as you know I’ve held positions in the Cloud/SaaS/Security/Remote Work space on many occasions over the last few years.
Looking at the daily chart of the ETF, we find a candidate for the Bull Market Final Stages Catch-Up Olympics as CLOU sits in what looks like a bottoming pattern (that, importantly, made a higher low in August to the November ’23 low). Its residence at/above the 200 day average (orange) will be key in keeping the bull potential going.
If CLOU has bottomed and will move upward from the pattern, a measured target of 23 appears reasonable. Also, the down gap at 23.31 could get filled on such a move if this resolves bullish.
Just a trading FYI. I may take a position to add to the already existing position in ZM. Alternatively, I may look at a couple more individuals like ZS, also in an interesting (but somewhat chaotic) pattern, or DDOG. Maybe one or two others for consideration as well. But the ETF will be a good guide for the balance of these stocks.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
