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Post Earnings Bull Flag Setting Up In Software Name with Expanding AI Growth

by | Dec 21, 2023

Elastic (ESTC) shares are coiling in a high tight flag as the earnings drift continues after the massive gap up post earnings and now has consolidated nicely sideways the past 3 weeks. Thursday saw a bullish reversal candle rally and close at the highs of the session just back above the 8 EMA and now looks poised to continue higher out of this bull flag pattern with upside to 120 likely and has an old untested VPOC at 121.66 which could act as a magnet. ESTC has seen recent buys for over 300x June $115 calls for $18.75 accumulate on 12/8. The data software name reported blowout earnings but what really has investors excited is ESTC’s commentary surrounding generative AI and its expanding growth opportunities there.

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