Wish is entering a critical time period for shareholders. Earnings was moved up a day, causing an enormous volume spike and price increase to $6.25+, only to be sold off on low volume in the 5 days following off absolutely no news whatsoever. My outlook is currently long term bullish, with short term neutral to bearish with potential for large vertical spike. This seems like a false breakout of the bottom of this bull flag, RSI is now oversold, this stock seems to be beaten down relentlessly for no reason as a 30%+ drop after their horrible Q2 earnings should have priced in the company's current condition. I am long with a long term hold plan, this seems coiled up and ready to go at any time.
Bull thesis - 1. Buyout candidate for several major players at this valuation. 2. Enormous gap to fill at $9.40. 3. Oversold, beat up beyond anything logical (trades at 1x sales), and reversal seems to be taking place. 4. Prior Zach Morris pump candidate.
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Wish seems to be holding the upward trendline in my chart. Zooming out we are on the verge of breaking out of a much larger downward wedge. I think a large price movement is on its way, it might break before earnings. Beware of earnings - a miss could be a disaster for shareholders, but if they beat expectations, even slightly, this has potential to skyrocket. I will continue to hold I am expecting a slight beat on earnings and a catalyst for the recovery of this stock. I still believe it will fill the gap at $9.40
Hahahahahaa. How’s this working out for you. Penny stock boy.
stonkasaurusrex
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@CJS04, honestly not well lol. Bagholding. My charts broke when this took the most recent dive. My avg is down to 5.64 I think I'll be ok unless earnings is a total trainwreck.
CJS04
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@stonkasaurusrex, Hopefully you sized in a position you can hold for a while.. I am sure the next bull run the market has they will take it up. Not looking pretty but it will have its day. They almost always do
stonkasaurusrex
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@CJS04 thanks for taking a look at this. With my position I can hold indefinitely and I don't think this stock is done yet. I have a very similar looking chart to what you sent over and it looks like we're reaching the end of the wedge on mine too. My bet is we breakout up, but down is a still possibility too with earnings in play. I do think this would be a good one for you to nibble at.
CJS04
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@stonkasaurusrex, agreed. It will recover.. it might not be till the next bull run but it will. Take a peek at ROOT, its a penny stock. One of the guys on here is a penny stock trader and posts some good ones. That will have its day and a nice run up. It too is a big wedge from 30 bucks and I believe headed to at least 3. Baba, I see that gap, it may fill for that 4 bucks but that is headed down as well. Thats a nice bearish pattern setting up.