Watch Monday any day of the week. $MNDY – May 24, 2023
This is Scott with your Chart of the Day. I want to take a look at Monday.com ( NASDAQ: MNDY ). Someone that I follow on Twitter had been talking about Monday.com ( NASDAQ: MNDY ) as a way to stay organized doing projects. And I thought, Okay, I’ll check out the website.
So this week I have actually been playing around with the website and I thought, Oh, it is also publicly traded, let’s check out the stock. And it turns out it’s breaking out of a little base here. You can see this pattern of consolidation, it went sideways here for just over a week. And today it broke higher, closed higher, and did it on good volume.
Now, after hours you can see a little bit of action as NVIDIA ( NASDAQ: NVDA ) earnings are kind of making all boats right now. But this is definitely a stock that I think we should keep an eye on because it is really close to its high from back here in February, right around there.
It hit a high back here just around that 171.00 level in February. And if I zoom out, it hasn’t hit that level since all the way back here in April of 2022. And so we have a little bit of a cup, maybe a long handle, and then a little pattern within the pattern.
While I think this stock is a bit extended above these moving averages right now, I definitely think, no matter the day of the week, you should be keeping an eye on Monday ( NASDAQ: MNDY ) for a pullback by entry, close to either the 8-day or the 21-day EMA, which is all the way down here.
Now like I said, this stock is a bit extended but it could really get going if it breaks above that 171.85 level. In that case, you will probably want to dial things down to an hourly chart and see how long this hourly trend could last. This is definitely one stock that I have on my watch list, and I wanted to share it with you.
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