WISH: Signs of reversal?
Hello traders and investors! Let’s see how WISH is doing today!
Since my last analysis, WISH busted a possible IH&S chart pattern, and it seems we have a sideways correction, between the resistance at $ 10.34 and the support at $ 8.84.
This is not all bad, as WISH is not in a bear trend anymore, at least, as it is not doing lower highs/lows, and the 21 ema is flat. However, we are not in a bull trend either, and we have no bullish structure.
The $ 8.84 is a support that must not be lost, otherwise, we’ll seek lower supports, like the $ 7.40. On the other hand, the $ 10.34 is still the main key point that could change the trend for good. If defeated, WISH could seek the $ 15 again.
In the daily chart, we have a Double Bottom pattern, and the $ 10.34 is the confirmation of this pattern. We have no meaningful resistances other than the $ 15.
Another thing we need is to see this volume increasing. For now, WISH is in a delicate situation, but we might see some early signs of reversal soon.
Remember to follow me to keep in touch with my daily studies, and if you liked this idea, please, support it!
Thank you very much!
Since my last analysis, WISH busted a possible IH&S chart pattern, and it seems we have a sideways correction, between the resistance at $ 10.34 and the support at $ 8.84.
This is not all bad, as WISH is not in a bear trend anymore, at least, as it is not doing lower highs/lows, and the 21 ema is flat. However, we are not in a bull trend either, and we have no bullish structure.
The $ 8.84 is a support that must not be lost, otherwise, we’ll seek lower supports, like the $ 7.40. On the other hand, the $ 10.34 is still the main key point that could change the trend for good. If defeated, WISH could seek the $ 15 again.
In the daily chart, we have a Double Bottom pattern, and the $ 10.34 is the confirmation of this pattern. We have no meaningful resistances other than the $ 15.
Another thing we need is to see this volume increasing. For now, WISH is in a delicate situation, but we might see some early signs of reversal soon.
Remember to follow me to keep in touch with my daily studies, and if you liked this idea, please, support it!
Thank you very much!
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