Just completed its H&S pattern. Look at this monthly chart and all the converging resistance overhead. Not to mention a large bearish cypher w/ textbook fibs. 0.382 retrace points it back down to major support around $490 by summer. Accumulation levels are about what they were when this stock was in the double digits... yet this "growth stock" is getting pumped like burritos are the new hipster craze. Sorry guys about 10 years late to the party...
There's also a chance that since this busted to the downside of the current channel it could do the same on the upside and continue to ATHs if it breaks resistance here. Will largely depend on whether market keeps melting up or melts down next week. Either way, important to watch what it does at this level.
There's also a chance that since this busted to the downside of the current channel it could do the same on the upside and continue to ATHs if it breaks resistance here. Will largely depend on whether market keeps melting up or melts down next week. Either way, important to watch what it does at this level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.