Momentum is weakening for LSPD. It definitely had a great run. The chart shows on a weekly timeframe the MACD is slowing down for a possible reversal. It also did this a little while ago with 35% correction. I expect a possible slow correction of 35% down to around $105-$108 over the next several weeks.
Trade closed: target reached
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Although the initial target of $105-$108 has been reached, I still feel it could come test the Orange support line as the momentum is still weak even if some buyers are coming in.
Trade closed: stop reached
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As per previous comments, LSPD came to test the orange support line and breached through it. I can see further downside it it closes below the support line.
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$61 is a new major lower low for LSPD. Unless it bounces from here, I can see it sub $50 as there doesn't seem like any support available.
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I see reversal on LSPD to buy. Pretty good entry if you ask me to long it.
No confirmation of the reversal yet!! Watching it closely. $67 is a key area to hold, if not, next area of support is around $50
TheTrader2020
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You have to remember the only reason it dropped this fast was because of luck with the short seller report release. Other than that, it wouldn't have reached that price target.
AmandeepSingh2020
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@TheTrader2020, TA doesn't care about those things. TA isn't certain, it is just psychology and to some extent self fulfilling prophecy. It is just game of probability. It doesn't predict, it just shows if "this" happens, then likelihood of "that" happening is high. :)
AmandeepSingh2020
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UPDATE: I still don't feel there is any reversal signs yet
thelion01
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yes i agreed with the 50S mark could be the bottom for a bit...
AmandeepSingh2020
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@thelion01, I think so too. There will be a time and day to buy this puppy but seems like today isn't it.
thelion01
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have you give you that - man it got murdered....thought 20% gap down is a buy and down another 10%...perhaps the short report is right
thelion01
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this correction done in less than 2 weeks....is it time for a bounce now?
AmandeepSingh2020
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@thelion01, I don't think yet. There could be a little bounces here and there but on the longer time frames it may still take a few weeks before we can confirm a reversal.
Keep an eye on MACD on a weekly trend. As soon as I see some signs of reversals, I will update this. I do have a feeling we may see price below $100 which could be a good buying opportunity as long as we stay above the orange line. We don't wanna see a weekly close below orange line.
Trade well my friend..!!
JaMoney69
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@thelion01 I bought back in at $113. I’m up 6% ATM it showed up as oversold in the stock screener