More recent IPO at the end of last year. Stock saw a decent run up in the first month once it debut but ever since the overall growth sell off has been stuck in a range not really going anywhere. IPOs have been doing very well recently and the market has not really noticed this name since it has not participated. These IPO names can be very had to get into and can show some wild swings with the market so when these newer names consolidate it is worth to pay attention. Although the stock hasn't been on the rise we are still seeing good RSI since May. The ATR continues to decline on contracts and up-days. Currently trading at the top range of the important volume node and could see a decent run once it breaks this range. We can see by the white arrows that the stock has been making higher highs as well as hugging the ST moving averages fairly well. Also looking into the EMA we can see that the Fibonacci EMAs are all very close together which is a positive sign especially since they are in the positive stacked order.
Only bear case I can identify here is that we will likely have some overheld supply from the previous IPO advance phase. We saw the area it is currently in as support in the beginning of 2021 acting now as resistance. This is a key point for the stock and I believe it is acting and wants to move higher.
Only bear case I can identify here is that we will likely have some overheld supply from the previous IPO advance phase. We saw the area it is currently in as support in the beginning of 2021 acting now as resistance. This is a key point for the stock and I believe it is acting and wants to move higher.