FVRR Short-term/Day-trading SHORT/BEARISH - We're currently in a very strong downtrend, we see a strong resistance at the current 0.618-0.66 ($200.54) of the Fibonacci Retracement, if can hold this resistance strong, we expect a decline here and to reach at least the 0.618 of our Fibonacci Extension ($164.50) as TP1 and if that turns into resistance our next...
FVRR may have landed onto potential support on previous resistance at 211.50ish level. Eyes on this one. Waiting for a bounce confirmation tomorrow.
Precaution: May be a small, quick move as price seems to be entering into a rising wedge.
watch closely for confirmation of downtrend, if the candles come back above the cloud and then retest with a clear close below the cloud, look out below!
if things break to the downside we will see a stop at the first fib level, then likely lower considering where this rally started. I see FVRR being worth $50 MAX in a post-Covid world.
None of that means it...
The world is coming back to work and I suspect they will largely have to stop gambling on the FVRR marketplace for their production needs. If things do unravel in this rally, look for a retest on the new channel @160, before going lower to Fib levels, as sshown.
FVRR has been outperforming many E-commerce stocks since early Sept. While overall E-commerce group is in red since early Sept crash, FVRR has bucked the trend and posted the double digit growth.
I think early signs of waning momentum are clear and it is a good time to scale back on the aggressive momentum strategy and do some profit-taking.
Fiverr is a platform that connects contract workers with employers and serves a massive global $100 billion addressable market. Demand for flexible contract gigs has increased exponentially in the coronavirus era, and Fiverr's active buyers (employers looking for workers) exceeded 2.8 million during the recent quarter, with 300,000 new ones joining. Furthermore,...