After ER, we are hanging by a thread of the downtrending channel.
We have two sources of support;
bearish channel support
Previous support from December
For the recent candle on the daily, we are looking at an inverted hammer candlestick, a good sign of reversal. Although a positive sign of reversal, this candlestick should be taken with a grain of salt due to earnings.
Best play is to sit back and wait for bullish volume & flow to come in before entering. We are aiming for a gap fill here, so
First target: 57.75 (just above recent candle)
Second Target: 64.00 (gap fill)
Recovery is certainly possible to fill in the gap, but may take some time and consolidation to get to that 64.00 level.
--- Suggested by: TexasMade ---
If you have any stocks you want analyzed, suggest them in the comments or DM me!
We have two sources of support;
bearish channel support
Previous support from December
For the recent candle on the daily, we are looking at an inverted hammer candlestick, a good sign of reversal. Although a positive sign of reversal, this candlestick should be taken with a grain of salt due to earnings.
Best play is to sit back and wait for bullish volume & flow to come in before entering. We are aiming for a gap fill here, so
First target: 57.75 (just above recent candle)
Second Target: 64.00 (gap fill)
Recovery is certainly possible to fill in the gap, but may take some time and consolidation to get to that 64.00 level.
--- Suggested by: TexasMade ---
If you have any stocks you want analyzed, suggest them in the comments or DM me!