What a horror show! The stock is currently back to IPO price level of $60ish. The area has acted as support prior three times. This area is also 2.618 Fib extension level support.
If it can't hold, we are looking at $34 area as next support level in FIB extension measure.
I thought $80 would give a descent support with $70 level being strong support. But it broke through both supports and did the unthinkable $60 support.
If the price bounce from here, we can expect it to travel towards upper trend line area of $90. But it will not be smooth sailing as it would have to travel through $72 and $80 resistance area.
Can it hold? We can only hope.
Bullish Target - $90
Bearish Target - $34
All depends on how it play out at current $60 support level.
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.
If it can't hold, we are looking at $34 area as next support level in FIB extension measure.
I thought $80 would give a descent support with $70 level being strong support. But it broke through both supports and did the unthinkable $60 support.
If the price bounce from here, we can expect it to travel towards upper trend line area of $90. But it will not be smooth sailing as it would have to travel through $72 and $80 resistance area.
Can it hold? We can only hope.
Bullish Target - $90
Bearish Target - $34
All depends on how it play out at current $60 support level.
———————————————————
How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.
I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.