I believe we are too close to earnings for any meaningful short. Positive momentum seems strong, driven by fundamentals of the business.
andyscappinimon
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@Slack_Trader, I agree as all the others in this sector benefitted from Earnings report outlook
iTradeEtoro
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@andyscappinimon, @Slack_Trader, I also see that it will report positive earnings but didn't the market already anticipated that with now trading at a high price ?
Slack_Trader
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@iTradeEtoro, I would see consolidation as likely given the moves, but would never open a short expecting below the resistance level (29-30$).
We are still below direct listing closing price and the subsequent bear trend driven by the narrative of competitive pressure from Microsoft and slower user growth seems to have somehow been broken, justifying an asset price reassesment. But to confirm this I woukd be looking closely to recurring revenues growth, dollar retention rate and user growth. I suspect Covid-19 boosted most of the metrics two years.