$6 heavy resistance. Fundamentally, Chinese stocks "out of favor" - but the tide will turn at some point and / or a bounce is forthcoming. China remains a high-growth market. Earnings in about a month will clarify many, many things, such as: 1) Is the semiconductor business going to be a big part of future growth and investment (my view is that semiconductors - which are ultra-hot right now - are potentially going to be a big and stable business for WIMI), and 2) Is the 500M shelf offering on hold due to new China regulations (although China regulations don't directly impact WIMI's business, I suspect the shelf offering is on hold).
I personally don't see too much more downside on WIMI, but the chart doesn't look so good based on closing prices. I think we will need a good bounce on DIDI to see WIMI move up. Hoping for a good Monday so we can get away from these 52 week lows.
tengis0621
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@Counselco, Great point!!! What you said is very true. A lot of growth stocks couldn't hold the gain after bouncing off. What other tickers are you currently watching?
Counselco
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@tengis0621, WIMI is my favorite "buy" right now, but I'm looking for 20% discount from today's prices to get into TALK, RGS, AHT - and possibly KODK (unless it goes down on bad news).
CEO Zhao owns 45% of the common stock and hasn't indicated any intent to sell. I personally think the stock is a pretty easy double going into year end - but time will tell and I will be judged. I'm a relatively patient investor and won't day-trade this stock.
Happy trading and hope you stay with WIMI.
tengis0621
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@Counselco, great thank you .pls watch clov and ocgn as well. there is a big OCGN thread on reddit for potential COVAXIN approval by WHO and other countries. For Clov the set up looking pretty nice, If AMC runs CLOV will run as well
I personally don't see too much more downside on WIMI, but the chart doesn't look so good based on closing prices. I think we will need a good bounce on DIDI to see WIMI move up. Hoping for a good Monday so we can get away from these 52 week lows.