Keep an eye on Fastly (FSLY).
After being impacted by outages in the second quarter, the stock has become technically oversold at triple bottom support, with over-extensions on RSI and Williams’ %R. The last two times the stock found support around $40.50, it bounced. In May 2021, for example, the stock bounced from $40.50 to about $62.50. In August 2021, it bounced from about $40 to $48.
Nowadays, with a good deal of negativity priced in, we’d like to see FSLY bounce from its current price of $40.50 to about $47.50, near-term. Helping, the company is still landing new clients, including LinkTree, which has 16 million users.
In addition, Piper Jaffray, as reported by Street Insider, “believes the availability of iCloud+ Private Relay (PR), a service expected to be launched by Apple in the fall of this year, is an incremental revenue opportunity for Akamai, Cloudflare and Fastly.”
In short, weakness may be an opportunity in FSLY.