AERI Double Bottom Bounce?
Updated
AERI has had a bad year. From $50 down to under $18.
However price is slowing down from its descent and recently formed a double bottom. And while price has been decreasing and stabilizing, RSI is moving up. Same for Accum/Dist, looks like moving out of the selling phase and into buying. So may be opportunity for a bounce here.
It's already at the double bottom, so I am going to go long here with a tight stop because it's potentially a long ways down from here if price doesn't hold.
As for targets, 1st is previous support level, which is also where the two nearest term SMA are converging.
Weekly for a zoomed out perspective.
However price is slowing down from its descent and recently formed a double bottom. And while price has been decreasing and stabilizing, RSI is moving up. Same for Accum/Dist, looks like moving out of the selling phase and into buying. So may be opportunity for a bounce here.
It's already at the double bottom, so I am going to go long here with a tight stop because it's potentially a long ways down from here if price doesn't hold.
As for targets, 1st is previous support level, which is also where the two nearest term SMA are converging.
Weekly for a zoomed out perspective.
Trade active
Didn't get around to updating this but trade active shortly after original postTrade closed: target reached
Closed at 20.9. +15%That was faster than expected.
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