The main focus is on breaking through the purple line. It will happen. When it does, could be another massive rally. As you can see, when it broke the red sloping line it broke out. That sloping line had far less strength than this one does. Could be heading to $40 or $50... maybe even higher from FOMO.
As you can see the hi-lighted yellow blob marks the intersection of the 3 descending trend lines. This looks very bearish to me in the short term. If the turquoise line doesn't hold, it could be heading to the $5 range to hopefully bottom out. If it does, I think it will start to turn around by mid December 2021. At that point I'll load up on a few hundred shares...
I've added 3 arrows. These are what I believe to be the 3 most likely general moves that could be made in the short term; A, B & C. Of the 3, I believe that B is most probable as the MACD also seems to be informing us of this move. Staying near or above the yellow line is the most bullish scenario, but not the only one. Time will tell.
I've added a red line which is just just the slope of the previous bull trend. Will it continue to ride the yellow line? We shall see.
The yellow trend line has held incredibly well so far. I don't expect it to stay within the channel for ever, but I think it might have at least one more push before falling back to the orange trend line. I believe the dump upon the merger was the catalyst for a new bullish trend. Added volatility couldn't hurt. Ultimately I think this stock will probably get...
*this is not financial advice* I've updated the colors of the lines, but I have not changed the angles or positions of the lines from my first post. The blue line is the top of the channel, the yellow line is what I've determined to be the bottom of the channel, and the orange line is a sort of "last stand" for bullish momentum. So far, this price has been moving...
The green arrow and the orange arrow are my 2 most likely short-term price action predictions.
Looks like on the daily time frame, the price action is getting caught under this red line. It will need to bounce back above this level quickly to resume current "bullish" trend.
If the blue channel breaks to the downside, then I'll be looking for support around the next red line.
It appears that this stock is currently defining a channel.
The 3rd presidential debate, coinciding with record covid cases, and the ADV merger. Was a day that many stocks took a hit. For this one, it looks to me it looks like a potential catalyst in the charts. I've drawn 2 channels, it's broken the down trending channel. Large spac, now post merger.