JICPT| Kuaishou rebounded with downtrend continues
I'm actually writing for the request of a friend in the Tradingview community.
It's a quick analysis as I will mainly focus on the chart, not the fundamental part.
From the daily chart, I measured how much price has been down from the historic level of 418 to less than 150. The price has fallen by 65% within approximately 5 months. so what is what's next?
It's a quite new stock that just went public on Feb. 5th this year. We can see price just rebounded from its fresh record low today, so there is no structure for reference from our left side. We have to use trend analysis to guess its move.
I drew three horizontal lines which market the key structure on the daily. The continuation of breakout means the downtrend continues. On top of that, I also noted the red downtrend line was respected several times. In order to terminated the downtrend and establish the uptrend, I need two things happen at least:
1. Red Downtrend line to be violated by price move.
2.Higher high created with higher low formation
So, buyers need to be patient at the current moment.
It's a quick analysis as I will mainly focus on the chart, not the fundamental part.
From the daily chart, I measured how much price has been down from the historic level of 418 to less than 150. The price has fallen by 65% within approximately 5 months. so what is what's next?
It's a quite new stock that just went public on Feb. 5th this year. We can see price just rebounded from its fresh record low today, so there is no structure for reference from our left side. We have to use trend analysis to guess its move.
I drew three horizontal lines which market the key structure on the daily. The continuation of breakout means the downtrend continues. On top of that, I also noted the red downtrend line was respected several times. In order to terminated the downtrend and establish the uptrend, I need two things happen at least:
1. Red Downtrend line to be violated by price move.
2.Higher high created with higher low formation
So, buyers need to be patient at the current moment.
Comment:
Inside bar formation. It seems buyers are accumulating momentum.
Comment:
Inside bar formation with prevailing downtrend.
Comment:
As I mentioned previously, the downtrend continues. Let's watch if the nearest fresh lower low could hold.
Comment:
New low created, downtrend continues.
Comment:
The drop accelerated with no sign of rebound in the near term.
plan your trade and trade your plan