Will WISH Share Bounce Back Soon as Renko Chart Tells us?

NASDAQ:WISH   ContextLogic Inc
ContextLogic (WISH) share price does not stop recording continuous and severe losses, while WISH share is trading below the $1 level now. While the sharp bearish tone prevails on the stock, as it traded below the short and long-term exponential moving averages.

Now, on the Renko chart, and taking into account the previous RSI readings, we can learn that the long series of losses for WISH share price usually ends with the RSI reversing from the oversold territory as shown in the chart.

Accordingly, we find that WISH share is now in the oversold area, while we keep an eye on the level of 0.6258, which may provide a possible rebound point for the share from the oversold area, to test the price range shaded in yellow, to target after that the level of 0.9786 in the short term.

In the opposite case, the pullback of WISH share price below 0.6258 and the failure to recover it, may invalidate the previous hypothesis and may lead WISH share price to further decline towards new historical low levels.

Concerning fundamentals, ContextLogic missed EPS estimates of -$0.16 per share by posting an EPS of -$0.18 per share, as well as revenue of $125M versus the projected revenue of $135.77M in the third quarter. Furthermore, the company anticipates additional operational losses in the fourth quarter ranging from $90-110 million.

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