$FSLY was up on an ugly day – August 4, 2023
This is Scott with your Chart of the Day. Now, Friday, in the market, was an ugly day. We had an ugly day here on SPY ( NYSEARCA: SPY ). You can see the market closed under the 8 and 21-day EMA. The QQQ ( NASDAQ: QQQ ) was very similar.
So you would expect a tech-related stock like Fastly ( NYSE: FSLY ) to be down on the day but it actually was up. It was not only up on Friday but also had a monster day here on Thursday, thanks to its earnings report.
I want to note this relative strength. I love paying attention to stocks that are up when the market is down. That tells me that despite whatever is happening in the market the buyers are still interested in this stock.
And so I definitely want to keep this one on my watch list for next week because it is holding up well in a messy market in a well-defined uptrend above all the major moving averages.
Now, this is the daily chart. If I flip to the weekly chart you can see that it is hitting some weekly resistance right around this 100 EMA, and so it may chop around. If the market is still bumpy next week we may see Fastly ( NYSE: FSLY ) just kind of chop around this 100 EMA.
I would love to see this hold up above this level, let this 8-week moving average catch up, and give us another opportunity to potentially buy this stock. This was a stock that I was trading back in March and April.
I had since gotten out of it, got out of the way, and then kind of lost sight of it. But it is one that I want to put back on my radar and, hopefully, put back on yours too. This is a good-looking chart in a bad market and those are great to keep track of.
Free Chart