Loubanez @Loubanez: "MARKET UPDATE PACKAGED SOFTWARE SECTOR Last..."

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Edited

MARKET UPDATE PACKAGED SOFTWARE SECTOR Last month we were tracking the price action of confluent and reading that the asset may be nearing the latter stages of a larger Wykoff accumulation pattern. Confluent was pulling back on a daily and weekly timeframe and we were on the lookout for a 'last point of support' before an advance in price. We used some time analysis from previous data to determine when a possible low would or could be reached. Confluents previous notable correction lasted 35 days from top to bottom. We estimated that if confluent was to have a balanced correction we could potentially see a low and then a reversal on approximately the 8th of April and at around a price of $28.50. Confluent ended up extending its correction to 46 days and retracing to a price of $26.50. Not an exact forecast but still well within an expected tolerance and margin for error. Confluent made its low on the 19th of April and has since reversed making higher highs and higher lows (on a daily timeframe). For now it looks as though confluent has indeed bottomed and its now attempting to reach the highs it made in March. It is also above its medium term 50% level of $30.77 which is bullish if it can remain above this price. Concerns are that confluent is lagging stronger assets that have long since broken accumulation zones and gone on to make new highs. Confluent still has a fair amount of overhead resistance and may sell off sharply should we see a general correction within the markets. Stay Humble Stay Hungry $MSFT (Microsoft) $GOOGL (Alphabet Inc Class A) $PLTR (Palantir Technologies Inc.) $ADBE (Adobe Systems Inc) $STNE (StoneCo Ltd A) $ALKT (Alkami Technology Inc) $SNAP (Snapchat Inc) $FROG (Jfrog Ltd) $ALKT $VERX (Vertex Inc) $CFLT (Confluent Inc.)