In my previous chart, I stated that the gap was going to close. Now that the gap has been closed, let's see how things can play out.
If we look at the chart to the left current area of $78 - $80 has been a good support. So there is a chance it can hold this time.
But due to the popular nature of the stock and wide swings in price, MMs may try to bring it down to $75-$70 area in stop loss hunt to fill large client orders on the cheap.
What will it be? I don't know.
If the support holds, we can bounce to $93 area.
If not, we can see $70.
One thing to note, the RSI for this stock has not seen over sold territory before. It is currently close to 33 where it has bounced before. We will see.
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.
If we look at the chart to the left current area of $78 - $80 has been a good support. So there is a chance it can hold this time.
But due to the popular nature of the stock and wide swings in price, MMs may try to bring it down to $75-$70 area in stop loss hunt to fill large client orders on the cheap.
What will it be? I don't know.
If the support holds, we can bounce to $93 area.
If not, we can see $70.
One thing to note, the RSI for this stock has not seen over sold territory before. It is currently close to 33 where it has bounced before. We will see.
———————————————————
How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.