After the initial IPO the likes of Cramer and ARK invest were raving about the future of Unity Software. Whales sent this up during the bull market mania, only to distribute it- leaving bag holders down approximately 90% from the all time high, with almost three years of selling pressure. Brutal
The shakeout is almost complete, we could have one final shakeout to stop-out the last bulls before we start to move back up. Alternatively, we could continue to trade in this range and slowly grind up with the potential pivot on the horizon.
No FOMO, only looking to catch this once there is a sign of strength coming back into this stock. I don't care too much about the fundamentals, this is purely a technical analysis.
The shakeout is almost complete, we could have one final shakeout to stop-out the last bulls before we start to move back up. Alternatively, we could continue to trade in this range and slowly grind up with the potential pivot on the horizon.
No FOMO, only looking to catch this once there is a sign of strength coming back into this stock. I don't care too much about the fundamentals, this is purely a technical analysis.
Comment:
We are at all time lows, which is where a lot of stop losses would have been placed. Price action as sweeped these lows and most traders should be stopped out now. If Unity fails to climb back up (spring phase) and retest the previous all time lows, I would expect it to sink a lot lower, in which case I would not touch this stock. My trade is not active yet as there is zero signs of a bullish reversal. I will continue to wait patiently, to see if it can spring back up and hold previous at time low as support.