What an absolute disaster! I thought 15.40ish area would provide a good support but it provided a day of relief that traps a lot of bulls. How wrong I was to think that it was a good support.
The only next area of support left is $10.54. And it's a weak support and if it fails, $4.30 is next. Let's hope it doesn't happen.
The stock has been bouncing around oversold area more than a month (since 08/23/2022). Bullish divergence showing in MACD and RSI. Stochastic is still bouncing around in oversold territory.
Bearish target1 - $10.54
Bearish target 2 - $4.30
Bullish scenario - bounce from $10.54 and retest 15.44. area.
Disclaimer: Not investment advice.
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The only next area of support left is $10.54. And it's a weak support and if it fails, $4.30 is next. Let's hope it doesn't happen.
The stock has been bouncing around oversold area more than a month (since 08/23/2022). Bullish divergence showing in MACD and RSI. Stochastic is still bouncing around in oversold territory.
Bearish target1 - $10.54
Bearish target 2 - $4.30
Bullish scenario - bounce from $10.54 and retest 15.44. area.
Disclaimer: Not investment advice.
If you like this post, follow me and subscribe to my posts for more technical analysis charts.