By breaking the previous higher low to the downside, the stock has the potential to fill the long wick and reach the 9.30 level. If those levels are also broken, it may try to find support around the he 200-day moving average.
Without the creation of a higher high, the stock may carry risk for traders who are uncertain where to set their stop-loss.
Without the creation of a higher high, the stock may carry risk for traders who are uncertain where to set their stop-loss.
Note
The wick seems to be getting filled as expected.Note
01-03-2023The stock has found support around Fibonacci retracement 0.786 levels after partially filling the wick, which is a positive sign. However, to confirm a bullish trend reversal, the stock needs to break out above the previous lower high of 12.6 and establish a new higher high or create a lower high and higher low formation. Until this occurs, the stock remains in a downtrend, and should exercise caution with a proper stop-loss.
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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.