UPST's Current Correction Offers a Second Chance Buy Opportunity

UPST had a strong bullish rally from May 1 to July 31 with the stock price rising from $13 to $74 (marked by the green and red arrows).

However, economic conditions are hurting the lending market and UPST reported lower forecasts for the current quarter. This has led to a strong selloff at $74 that has dropped UPST down below $30.

I think that this dip is worth monitoring to profit from UPST's next rally. I'm keeping an eye on the two yellow trendlines as key support levels for a potential bounce. UPST has dropped below the $29.19 support level already and I have my eyes on the lower yellow support level at $24.10 for a bounce somewhere between these two yellow trendlines. I'm monitoring the price action to look for a sign of reversal here, and I will post an update when UPST presents a buy opportunity.

When UPST does have a bounce I would keep an eye on the blue trend line as a short-term price target at $38.37.