Fastly Slammed, But Tags First Technical Support

By Gareth Soloway of In the Money Stocks

President & Chief Market Strategist at IntheMoneyStocks • May 6, 2021 at 4:12 PM EDT

At some point in the future, it is likely Fastly will fall again, this time going to a major support of $35.40. That leavel stands out as a longer-term investible level versus the swing trade level of $43.00 that it hit today.

Shares of Fastly Inc (FSLY) collapsed as much as 25% on the day after reporting poor earnings, guidance as well as announcing the CFO was leaving the company. Fastly has fallen from a 52 week high of $136.50 to a low today of $43.00. The low today marks a key technical support level on the stock chart and will likely lead to a bounce higher in the coming days. Upside should be viewed as $50.00. At some point in the future, it is likely Fastly will fall again, this time going to a major support of $35.40. That leavel stands out as a longer-term investible level versus the swing trade level of $43.00 that it hit today. Again to confirm, $43.00 is likely a near-term swing trade level while the $35.40 level could be held as a longer-term support.

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