When we updated our strategy on Asana (ASAN) Sept. 30 we wrote that, "Traders who are long ASAN from our August recommendation could continue to hold those positions. Raise stop protection to $85 from $64. $159 and $160 are our price targets now."
Well, ASAN shares have reached $139 so another look at the charts seems like a good idea today.
In the updated daily bar chart of ASAN, below, we can see that prices have made a new "leg" higher this month. ASAN is trading above the rising 50-day moving average line and the rising 200-day line. The 200-day line intersects down below $60 so with prices around $130 some would consider ASAN extended or overbought when compared to the moving average.
The On-Balance-Volume (OBV) line has been rising and confirms the price gains this year. The Moving Average Convergence Divergence (MACD) oscillator is bullish.