$CFLT Long Watchlist – Looking to Break-out of Channel?

Looks like CFLT has retraced its latest uptrend back to around the .618 Fib level. It is now hanging just under the 50% retrace level. I am not a big Fibonacci trader, but I do like to look at retracements and the .618% and 50% levels seem to be levels where stocks “can” make a turn.

I use trendlines and support / resistance areas for my trading style. In this case, the 50% retrace area lines up well with an area of resistance. I like how it seems to be respecting (somewhat) the 40 Week MA in white. I have an alert set for a cross over $31 and again over the upper downtrend line. To be clear, CFLT is in a confirmed downtrend based on the downward sloping channel and a series of lower highs and lower lows. So, I am looking for a trend change. All TBD.

Earnings are about 9 days away and is something to keep an eye on too. (I have not verified the Earnings date.)

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.