Quarterly Outlook
Upending the global order at blinding speed
John J. Hardy
Global Head of Macro Strategy
Technical Analyst, Saxo Bank
Gitlab is one of the stocks in our Bubble stock theme basket. It has been quite volatile lately but it trading in a fairly wide falling channel currently testing the upper falling trendline. If closing above the trendline a move to around 50-52 could be seen.
If Gitlab fails to close above the trendline bear trend is likely to continue with a test of support at around 33-30.
If dropping below 30 Gitlab is in un-charted territory and could drop to around $20.
For Gitlab to turn bullish a close above 52.40 is needed.