Big Commerce (BIGC) to retest $100
BIGC is on a tear, but like all IPOs, it will find its ceiling, and it will come crashing down while people take profits. There are a couple major things going for it, it's rival Shopify (SHOP) is valued at $1088/share, which many missed out on the lows of $300 in March 2020. They believe BigCommerce will be the next Shoppify, as you can see from the IPO.
Employees of the company are barred to trade their shares in a 180 lockout agreement that was published in the companies S1 to the SEC. There will be no inside trades for the first 6 months.
The price rose ALL the way to $94, before people started realizing (I should probably take a quick profit right now) it was time to sell. The news generated so much of a shockwave, that it presented a Gap Up in the candlesticks, demonstrating a potential bullish move. The next candlestick was a neutral Doji in the bullish direction, where it was rejected just over $100, and again rejected a 2nd time over $100 at the same level. The day then closed out with 2 red candlesticks, the last one not making it past previous resistance turned support.
We should see a jump from this price, perhaps another Gap Trade and we will re-test highs, before seeing what happens next!
Employees of the company are barred to trade their shares in a 180 lockout agreement that was published in the companies S1 to the SEC. There will be no inside trades for the first 6 months.
The price rose ALL the way to $94, before people started realizing (I should probably take a quick profit right now) it was time to sell. The news generated so much of a shockwave, that it presented a Gap Up in the candlesticks, demonstrating a potential bullish move. The next candlestick was a neutral Doji in the bullish direction, where it was rejected just over $100, and again rejected a 2nd time over $100 at the same level. The day then closed out with 2 red candlesticks, the last one not making it past previous resistance turned support.
We should see a jump from this price, perhaps another Gap Trade and we will re-test highs, before seeing what happens next!
Comment:
Trend showed strong resistance today, JUST missing $100 - price hit $98.69, before rocketing downwards. If we see a price below $70, this trend is over.
