Price drop off earnings but business is looking strong. Cash in the bank. Looks to have found support on lower trend line. Possible further drop to 5.52 (december dip). Looking for bounce off lower trend all the way back to top of channel. Risk to reward is great here.
Entry at 5.98
Stop at 5.92
RedBubble is looking good doubling down on both the ecommerce, and work from home side hustle industries post covid. It looks like it has built a bit of a base post earnings and then broken out above a recent resistance area. RSI might be a bit overcooked, so perhaps wait for a pullback and test to confirm support. Worth a watch.
From a technical point of view the RBL chart has a bullish ascending triangle breakout. From the Fundamental side the CV19 tailwinds are extreme for RBL with the online retail. Additionally, the most recent report highlight being sales of 26 million in masks, you would think that trend continues to grow for the forseeable.
Redbubble has been pushed to the depth of the bear market but it looks like it is recovering. Should we cheer it up and say that the worst is over? Lets analyze:
Having upwards trend for the velocity
Epic volume on 14/04 which keeps pushing it high till now
RSI not overbought yet
A kind of double bottom
Closing a week on a green candle
RedBubble was unable to show a bullish TA patter despite a good announcement. To me things will get interesting when it hits 0.8 and closes a daily candle above. For now I am keeping an eye on the TA and waiting for any further development.TP Targets will be as of the Fibs shared on the chart and probably 50MA and 200MA when conquered
RBL is looking promising to get out of the bear market. It has already broken the 50MA, next target is the 200MA and then next target will be in the 1.46$ levels. Next posdible target will be in the 1.8$ levels.
Redbubble was heavily sold after reports that Google Algorithms had been altered and affected its organic growth of online sales. This is however one channel for growth separate from its expansion into different geographies, paid partnerships, network effects and new product lines, that would support its future growth. Fundamentals still support this growth and we...