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After 1,143% Gain, Microsoft Partnership, Upwork Stock Eyes New Buy Point

Building on a partnership with Microsoft (MSFT), Upwork (UPWK) has launched a new work marketplace. Now Upwork stock is set to launch a fresh breakout after already rising 1,143% from its coronavirus lows.




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Serving everyone from one-person startups to 30% of the Fortune 100, Upwork provides a platform to connect companies with freelancers.

In 2018, the same year Upwork had its IPO, Microsoft chose Upstart to build freelance teams at scale, powered by Microsoft 365 and Upwork Enterprise.

Riding the pandemic-driven, volcanic-type eruption in work-from-home and remote work trends last year, the global Upwork talent community earned over $2.3 billion on the company’s platform in 2020. The Upwork network of freelancers comprises more than 10,000 skills, including website and app development, creative and design, customer support, and finance and accounting.

Already generating solid sales growth and signs of emerging and potentially explosive profitability, Upstart has earned a spot alongside MSFT stock on IBD Leaderboard. The Silicon Valley-based company has secured placement on the IPO Leaders stock screen of the best IPOs to buy and watch.


See Who Joins Upwork And Microsoft Stock On IBD Leaderboard


Upwork Stock Trying To Join Microsoft With New Breakout

Microsoft stock broke out in June and is now trading right around the very top of its buy zone. The IBD Long-Term Leader has been rising steadily since resetting its base count to form a first-stage double bottom in February 2020.

Now Upwork is building a deep cup with handle, showing a 61.31 entry. The stock is forming this new buy point after clearing an earlier handle entry at 51.84.

Upwork corrected 45% within the formation, which began in February. That exceeds the normal range of 12% to 33% for a textbook cup pattern. However, given the huge move in Upwork stock during the pandemic, the decline is not unusual.

After slumping while forming its current chart pattern, Upwork’s relative strength line has been trending higher.

Follow Matthew Galgani on Twitter at @IBD_MGalgani.

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