Hi All, my main 3 take-outs from this analysis are the following:
1- I do not agree with those who say that Wish has no upcoming support and that it is in free fall! Not at all! The support is a static one, it is very visible in the daily chart, and it is shown in red. The lower trendline of the descending wedge is actually acting as support and the price is definitely feeling that floor
2- Despite the lower lows of prices, RSI is showing flat and even higher lows, which is a sign of loss of strenght by the sellers and possible reversal soon. So, to me is not a matter of IF, it is just a matter of WHEN!
3- The price might try to breakout upward the wedge ideally by the end of January, as the 2/3 of the wedge comes exactly in that area. In any case the price should be out of it by April the latest, as the apex is in that time area.
Not a financial advice, just personal opinion. Do your own due diligence and good luck!
@Gpap90, with this share price I'd be just fine ;-)
Gpap90
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@Midyanyy, of course!!! but there is also the chance it's somewhere in the $9-12$(6-8b) range where there was a gap down and a very very strong resistance! for me if there is a buyout between $6-10b, the risk/reward i took was very bad...if the company can improve an most of its metrics this is at least a 50b company
bigpaul_72
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Still new to trading, just curious why is a buy out bad?
@stonkasaurusrex, Hi buddy! Thanks for the question! Between 14$ and 15$!
stonkasaurusrex
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@BehindTheTrade, thanks, and nice analysis. I'm seeing close to the same thing on my charts, I am just not sure how to figure out the breakout price. I'd think that $15 spike from this past summer would be a solid starting point.
FrancescoMerlettini
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@stonkasaurusrex, Ciao again Buddy! To figure out the breakout price, take the height of the wedge, where the black arrow is on the left... and prject its height from what might be the future breakout point. Now, we do not now when exactly the price will breakout, but it might be ideally in the area I indicated in the chart!