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Asana Setup (5/20/21) – up 85% in a month

Asana is the best performing cloud stock this year. The I/O Fund discusses how they identified this opportunity by using a blend of fundamentals and technicals to remain with the stock through the growth selloff. I/O Fund also added to the position in May for an 85% gain in under a month.

In February, the I/O Fund entered Asana (ASAN) and we held this position through the growth rotation, On May 20, we added to Asana (at $33.25) as a momentum play and held a webinar explaining our entry.

  • It was confirmed that Asana was outlining a common uptrend pattern that we see with tech growth.
  • Others, such as Roku, Datadog, Nvidia (overlapping uptrends), have followed this pattern as well.
  • We saw some significant bullish patterns within the volume, which typically leads a breakout. We were getting evidence that “smart money” was accumulating shares at these levels.
  • On top of our entry at $33.25, and identifying another buying opportunity at $34.50, we alerted subscribers that a breakout above the all-time high ($44.00) would also be a good entry point.

On June 18, we trimmed a third of our Asana position at $55, since our first target was met. That’s a solid 65% return in under a month.

Knox Ridley is the Portfolio Manager of I/O Fund. He uses a blend of technical analysis and risk management to achieve some of the best returns on Wall Street. He holds weekly webinars to discuss his trades setups. When he enters and exits stocks, he also sends real-time trade notifications to subscribers on the premium site.


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