Ok this looks oversold.
In fact,
Oversold on multiple timeframe
So here’s a technical analysis with potential price targets and trade direction:
Current Market Conditions & Observations
1. Trend Direction: Bearish
• The stock is in a clear downtrend, breaking multiple levels of support.
• Break of Structure (BOS) labels indicate lower lows forming consistently.
• A recent breakdown below support at ~$94.23 suggests further downside pressure.
2. Support & Resistance Zones:
• Current support: ~$85.50 (testing support level)
• Next major support: ~$80.00 (potential downside target)
• Major resistance: $94.00 (previous support turned resistance)
• Further resistance zones: $100 - $105 (if a reversal happens)
3. Indicators:
• Stochastic RSI: Oversold territory (possible short-term relief bounce)
• Volume: Elevated selling pressure, confirming the downward move.
• Liquidity zones & Order Blocks: Price has entered a demand zone near $85.
Trade Outlook & Price Targets
• Short-Term Bearish Bias: The breakdown suggests continued downward momentum. If $85.50 breaks, next downside target is $80.00.
• Possible Relief Rally: A short-term bounce could occur if buyers defend $85.50, but upside is capped at $94.00 unless strong momentum builds.
• Long-Term Reversal: Would require a break back above $100-$105 to shift into a bullish structure.
Trade Strategy Ideas
1. Bearish Scenario (Short Trade)
• Entry: Rejection near $90-$94 zone.
• Target 1: $85.50 (current support).
• Target 2: $80.00 (major demand zone).
• Stop-loss: Above $96.00 (invalidate bearish setup).
2. Bullish Scenario (Reversal Play)
• Entry: If price holds $85.50 with strong volume.
• Target 1: $94.00 (resistance).
• Target 2: $100 (trend change confirmation).
• Stop-loss: Below $83.00 (breaks structure).
Final Outlook
• Bias: Bearish unless $85.50 holds.
• Short-term: Expect further downside pressure.
• Medium-term: A break below $85.50 could lead to $80.00.
• Long-term: Needs a reclaim above $100 to flip bullish.
In fact,
Oversold on multiple timeframe
So here’s a technical analysis with potential price targets and trade direction:
Current Market Conditions & Observations
1. Trend Direction: Bearish
• The stock is in a clear downtrend, breaking multiple levels of support.
• Break of Structure (BOS) labels indicate lower lows forming consistently.
• A recent breakdown below support at ~$94.23 suggests further downside pressure.
2. Support & Resistance Zones:
• Current support: ~$85.50 (testing support level)
• Next major support: ~$80.00 (potential downside target)
• Major resistance: $94.00 (previous support turned resistance)
• Further resistance zones: $100 - $105 (if a reversal happens)
3. Indicators:
• Stochastic RSI: Oversold territory (possible short-term relief bounce)
• Volume: Elevated selling pressure, confirming the downward move.
• Liquidity zones & Order Blocks: Price has entered a demand zone near $85.
Trade Outlook & Price Targets
• Short-Term Bearish Bias: The breakdown suggests continued downward momentum. If $85.50 breaks, next downside target is $80.00.
• Possible Relief Rally: A short-term bounce could occur if buyers defend $85.50, but upside is capped at $94.00 unless strong momentum builds.
• Long-Term Reversal: Would require a break back above $100-$105 to shift into a bullish structure.
Trade Strategy Ideas
1. Bearish Scenario (Short Trade)
• Entry: Rejection near $90-$94 zone.
• Target 1: $85.50 (current support).
• Target 2: $80.00 (major demand zone).
• Stop-loss: Above $96.00 (invalidate bearish setup).
2. Bullish Scenario (Reversal Play)
• Entry: If price holds $85.50 with strong volume.
• Target 1: $94.00 (resistance).
• Target 2: $100 (trend change confirmation).
• Stop-loss: Below $83.00 (breaks structure).
Final Outlook
• Bias: Bearish unless $85.50 holds.
• Short-term: Expect further downside pressure.
• Medium-term: A break below $85.50 could lead to $80.00.
• Long-term: Needs a reclaim above $100 to flip bullish.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.