In my last analysis I was expecting a move down to just below $540 (March lows) prior to rebound back to $700. While price did move down, it didn’t quite reach those levels.
I’m zooming into 2 hours chart to navigate short term price movements. I am still expecting further pullback down to weekly 50 Moving average, which currently sits at $536. Based on the bottom trend line that formed, May 25th would be a good day (+/- 1 day) for this price target. On the flip side if $600 resistance level is broken to the upside this forecast becomes invalid, and we are heading to $700.
Big risk here if 50 MA on weekly chart doesn’t hold, this can become a falling knife. To make it clear, stock currently is in bear market, while rebounds are part of the bear market, price movements to the downside are in control and can materialize very fast.
This is not a financial, investing, or trading advise.
I’m zooming into 2 hours chart to navigate short term price movements. I am still expecting further pullback down to weekly 50 Moving average, which currently sits at $536. Based on the bottom trend line that formed, May 25th would be a good day (+/- 1 day) for this price target. On the flip side if $600 resistance level is broken to the upside this forecast becomes invalid, and we are heading to $700.
Big risk here if 50 MA on weekly chart doesn’t hold, this can become a falling knife. To make it clear, stock currently is in bear market, while rebounds are part of the bear market, price movements to the downside are in control and can materialize very fast.
This is not a financial, investing, or trading advise.
