Fastly, Inc. ( FSLY) was a soaring stock until it was not. The company provides real-time content delivery network services. The stock had soared from $15 to $135 but that was the story in 2020. Today is another story. 
In this daily bar chart of FSLY, below, we can see that prices turned lower from February around $120. Prices were cut in half to $60 and then cut in half again. FSLY is trading below the declining 50-day moving average line as well as below the slower-to-react 200-day line which also has a negative slope.
The On-Balance-Volume (OBV) line has made lower highs since February and continues to tell us that sellers of FSLY have remained more aggressive than buyers. The 12-day price momentum study shows a long pattern of higher lows for a bullish divergence but is not translated into a meaningful or sustained price recovery.
In this weekly Japanese candlestick chart of FSLY, below, we find little to cheer about. Prices are in a downtrend and trade below the declining 40-week moving average line. The weekly trading volume has been declining, telling us that investors are not interested and that without a burst of volume we cannot even suggest that traders have "thrown in the towel".
The 12-week price momentum study has been slowing but this, as we know, is not a precise timing tool.
In this daily Point and Figure chart of FSLY, below, we can see that prices reached and exceeded a downside price target of $34.
In this weekly Point and Figure chart of FSLY, below, we can see a lower price target in the $9-$10 area.
Bottom line strategy: While FSLY may have a good fundamental story, the charts are offering us no reason for purchase. Continue to avoid the long side.
