Chart of the Day: Five9 (FIVN)

Five9 Inc. (FIVN) engages in the provision of cloud software for contact centers. It specializes in omnichannel routing, analytics, workforce organization, and reporting. 

Take a look at the 1-year chart of Five9 below with added notations…

Chart of FIVN provided by TradingView

Over the past several months, FIVN had hit resistance at the $132 level (green) on multiple occasions. Now that the stock has broken above that resistance to hit a new 52-week high, overall higher prices should follow, and $132 will likely become a new support.

The possible long position on the stock would be on a pullback down to the $132 level with a stop placed under it. A failure to hold $130 could negate the expectations for a higher move.

Have a good trading day!

Christian Tharp, CMT

@cmtstockcoach