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.
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.