Another interesting stock, in June the moving average of 50 periods went below the moving average of 200 periods which creates what is called in technical analysis a dead cross, and since then the price was always under the moving average of 200 periods. Now the price reaches a price level of 57.68 already used in the past as support in May and in June 2021. The downtrend has started and there are many chances that will not stop, due to the financial situation and the spectrum of recession. Plus this stock start to rise in 2020 a period when the stock market was euphoric. My vision is short.
Comment:
The downtrend seems to slow down, the price at the beginning was using the price level of 57.68 as resistance, to break down later and also bring the moving average of 50 periods down that level. However, now the price reaches the level of 51.44 and bounces up again rising to 15%, bringing again the price to the level price of 57.68 and above the moving average of 50 periods. Now we need to see if the price will meet to rise or will use the moving average of 50 periods as resistance and so continue its downtrend. Let's see in the coming weeks.