ALFEN more downside expected

Above is my technical analysis on ALFEN.

ALFEN's earnings showed quite some weakness which made the stock drop quite a bit. Furthermore, it looked like the earnings report was changed quite late since things looked messy and for this reason I expect the drop in earnings to continue throughout this quarter. I assume they noticed that the start of the second querter wasn't any good at all and thus changed their outlook last-minute. For this reason there is a big chance that the stock will drop with it and follow the downtrend shown above.

Also, the next earnings might be even worse than expected (i assume so; mainly because of this messy earnings report), bringing ALFEN to even lower points (possibly hitting the third support zone shown). The price just retested the trendline and further downside is expected.

This is not financial advice, trade at your own risk and do your own due dilligence!

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.