$CELH Finding Support?NASDAQ:CELH Has recently had 2 events: Earnings, which beat expectations and had an initial upward push on price then failed. Then it had a 3/1 stock split. One must wonder why the split as the market did not seem to like it.
The pullback, which is a little steep, may be finding support at both the most recent lows and a rising 40 Week MA (white). Of course, I do not know if it will be supported but I have an alert set on the downtrend line. Should it alert me, I will use a lower timeframe to see if there is a good risk reward entry. TBD.
NASDAQ:CELH On a closing basis, just over a 27% drop in price, not too severe and may present a good opportunity. There are several negative things to be aware of on this chart and that is, it is below the 50 DMA and all other shorter-term MA’s. Another is the selling volume has been heavy but declining.
This is one you may want to put on a watchlist as it has been a wall street darling. Maybe again? Of course, several closes below the 40-week MA would tell me that this whole idea is void.
Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.
