Tableau Software (DATA) almost took the Friday spot for the bulls, but I hesitated after seeing the fade last Thursday. Apparently, one more day was all it needed to get over the hump and land itself as the Bull Chart of the Day.
From mid-May through late June, this stock was on a tear, moving from the $97.50 area to over $122.50. The last few weeks have seen a nice cupping consolidation pattern followed by a small handle. Thursday was the initial breakout above the handle, but confirmation is always preferred. We saw that price confirmation on Friday.
This now sets us up with a stop area in the $121.50 to $122.50 range, simply based on risk tolerance. I would favor the $121.50 area due to the confluence of the eight-day simple moving average (SMA) and the support line of the handle. Additionally, we're seeing the eight-day SMA cross above the 21-day SMA as well as the long-term moving average convergence divergence (MACD) cross over in bullish fashion. This is another confluence of short- and long-term bullish trend crossing over simultaneously. The upside target here is $132.50, minimally, with $135 possible.
The weekly chart is even stronger than the daily chart, but a bit harder to buy. The reason for this is the bullish channel. The channel itself makes DATA a solid hold here if you already own it, but if you don't, you'll quickly see that buying the support level of the channel has been an optimal entry point. The relative strength index (RSI) is holding above 50 and when DATA tests the support part of the channel and the RSI is over 50, then I'd be a fairly aggressive buyer.
If we add in a MACD test of support that holds, then I would be even more aggressive. Unfortunately, we aren't there at the moment, so only the short-term daily chart is a trigger right now.
I would be looking for a pullback to $115 to buy or sell out-of-the-money bullish put spreads targeting the $115 strike as the short leg and going out a few months. Earnings are forthcoming, though, so one must take that into consideration for any position.