After entering the IPO, the paper formed a classic movement - a correction with the formation of an upward pattern - reverse H&S, and has already broken through the neck level. The paper is now retesting the neck (see the yellow circle), and there is a good level of support (turquoise line), which together with the neck line form a falling wedge. It is expected that these patterns will break upwards and the targets indicated by the green dotted lines will be fulfilled. The nature of the price movement is indicated by two arrows. When the historical maximum is reached, it is recommended to look at what patterns the security will form and from there make a decision to continue or exit the position.
When looking at the 3 month, I'm seeing a bearish Head and Shoulders pattern. What do you think about that?
nur16i
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@DevHockey, Hello, Thank you for your comment, indeed, there are two classic H&S on the chart, the first was formed and successfully executed, fulfilling its fall target, and the one on the right can also form and be fulfilled, falling to $ 8.8. However, even such a movement does not cancel the main analysis, the paper is looking up. The drawdown should be averaged. Once again, thank you for the hint