Asana (ASAN) is scheduled to announce their Q3 earnings results after Thursday's market close. The firm's web and mobile apps help you stay on track, keep projects organized, and hit deadlines (I think I need this app).
Let's check the charts and indicators.
In this daily bar chart of ASAN, below, we can see some interesting trends. Prices slumped from $100 to just $20 in less than six months. From May prices traded sideways around $20 until we reached November. Last month prices made some new 52-week lows. Trading volume jumped in September and then declined into the end of November as buying interest dried up.
The On-Balance-Volume (OBV) line has been weak all year and shows a decline from September to December telling us that sellers of ASAN are more aggressive with more volume being transacted on days when prices have closed lower.
The Moving Average Convergence Divergence (MACD) oscillator is bearish as it stands below the zero line.
In this weekly Japanese candlestick chart of ASAN, below, we see a mostly bearish picture. Prices are below the declining 40-week moving average line so the longer-term trend is down. The two most recent candles show us a spinning top and a doji. These are potential bottom reversals as they tell us there is a balance between bulls and bears but we need to see bullish confirmation this week with a bullish candle.
The weekly OBV line shows improvement from June. The MACD oscillator is bearish.
In this daily Point and Figure chart of ASAN, below, we can see a potential downside price target in the $15 area.
In this weekly Point and Figure chart of ASAN, below, we can see an upside price target in the $38 area.
Bottom line strategy: I have no special knowledge of what ASAN will tell shareholders and analysts this evening but the charts are looking weak. However, a bullish report could trigger some buy signals from the weekly candlestick charts. Stay nimble.
