After selling off over 43% from its all time highs in just a few short weeks, I am now looking to catch the daily bounce back to the upside. As noted in the daily chart, this is the most oversold on the daily that this company has been since its IPO date. We are in a strong price zone that we traded in for months. This company benefited from Covid, yet precovid they were trading at over $115.00. It is trading above that now, however, the company has grown since then and this is not going away anytime soon as it will continue to grow even with states reopening. The 4hr chart is also massively oversold trading now in the teens on the RSI. I am looking for this stock to mean reversion to an evaluation that makes sense for the company. They had a price target upgrade to $300 after their recent earnings.
First target is $225 to take profit
2nd target is $255
This is a trade idea for a multi week swing as funds reallocate back into tech with this selling off in a "too much too soon" fashion with price support and many other indicators needing to cool off at minimum.
First target is $225 to take profit
2nd target is $255
This is a trade idea for a multi week swing as funds reallocate back into tech with this selling off in a "too much too soon" fashion with price support and many other indicators needing to cool off at minimum.