HIMS reached the wedge breakout target and is currently consolidating between the 50% and 38.2% Fib retracement levels.There is an inverse head and shoulders (IHS) forming, and the neckline happens to be the Point of Control (POC) volume resistance + 50% Fib retracement.
It needs a successful breakout above $9.50 for the IHS to validate.
However, there is also a mini Head and Shoulders forming. If materialized, it could lead to a fall to the $6 handle. So carefully watch the $8 area; if the price breaks below $8, the pattern will invalidate, and the stock could fall to the $7 - $6 area. So be aware of the risk.
Upside targets:
$9.50
$11.50
Downside risks:
$7 to $6
I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
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.
I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
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.