Support broken, correction not over…
This correction is in fact Wave 3, not the final Wave 5 as initially anticipated. We have lost another horizontal level of support at the Monthly. This suggests the downside pain is not over yet. I am anticipating a Wave 4 bounce, which will ultimately fail and we put in one more low to complete Wave 5.
This lines up with the fundamentals of the company, I don’t think we there’s a clear picture of where we are due to Pepsi ordering too much product and thus giving Celsius inflated revenues. We need this to normalise, for Pepsi to figure out the optimal numbers. There are other headwinds in this sector, which is why peers like Monster haven’t performed well of late.
I will now sit this out, wait for that final leg to come in and then think about going long. Patience is key on this.
Not financial advice, DYOR
This lines up with the fundamentals of the company, I don’t think we there’s a clear picture of where we are due to Pepsi ordering too much product and thus giving Celsius inflated revenues. We need this to normalise, for Pepsi to figure out the optimal numbers. There are other headwinds in this sector, which is why peers like Monster haven’t performed well of late.
I will now sit this out, wait for that final leg to come in and then think about going long. Patience is key on this.
Not financial advice, DYOR
ملاحظة
We have filled the August 2022 gap, which is when the Pepsi deal was announced. Who would have thought that we would reverse the entire move up? It's getting interesting here for a swing long. The selling pressure is starting to subside, insiders have been selling large amounts of stock. I suspect we could get a relief rally bounce in the coming week or two. But I suspect this will ultimately fail, so I will only trade this as a swing trade with proper risk management (stop loss). Buying positions from $28 down to $25, we may get a nice counter rally to $35-40.ملاحظة
As stated above, went long at $28 and took profits at $35. Now expecting the final fifth wave to the downside.
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