Has $FSLY bottomed out?

$FSLY is a $6 billion provider of infrastructure software that powers cloud computing, image optimization, security, edge computer technology and broadband streaming solutions. They are considered part of a cloud niche called Content Delivery Networks, or CDNs.

In last one year , The stock went down due to several reasons like Market slump(Pandemic) , hit on earnings and news on brief outage due to a glitch at the popular CDN providers.

Recently, Company has announced its new pattern titled “Load balancing across origin servers.” stock surged above $50 and it seems that stock has bottomed out around $36 levels.I am also looking forward to the company’s Q3 report on November 3 because it will either confirm the bottom or it will again give chances to take positions near $40 levels.

There is also speculations around new partnership between Fastly and Apple on their new iCloud+ Private Relay service. which could generate $8 to $20 million in revenues in FY22.

Technically, Super trend and 50 day moving average is giving a buy signal and it also indicates that $FSLY has made a bottom near $36 price point.

With a stop loss of $36, we can aim the target of $75 to $80 levels.

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All the reports around Fastly has suggested only one thing and that’s being bearish about the stock! Sad!