Technical Summary:
Elliott Wave Structure:
The stock is currently in Wave 4 correction after completing Wave 3.
A Wave 5 uptrend is expected once the correction is complete.
Fibonacci Retracement:
0.5 level (~533.25) and 0.382 level (~605.00) are key retracement zones.
The price is near the 514.65 support, a critical zone for a reversal.
RSI Analysis:
RSI is at 36.41, indicating oversold conditions.
RSI moving average is at 47.50, suggesting weak momentum but potential for reversal.
Support & Resistance Levels:
Immediate Support: 514.65
Next Support: 347.30 and 227.38 (in case of further breakdown).
Resistance Levels: 605.00 and previous high of 855.00.
Suggestions & Possible Corrections:
✅ Bullish Case: If the price holds above 514.65, a potential Wave 5 rally could take the stock toward 800+ levels.
❌ Bearish Risk: If 514.65 breaks, the next strong support lies around 347.30.
Final Recommendation:
Monitor price action near 514.65; if it holds, a bullish move can be expected.
Wait for RSI to cross 50 for confirmation of trend reversal.
If price breaks below support, avoid long positions until a new base forms.
Elliott Wave Structure:
The stock is currently in Wave 4 correction after completing Wave 3.
A Wave 5 uptrend is expected once the correction is complete.
Fibonacci Retracement:
0.5 level (~533.25) and 0.382 level (~605.00) are key retracement zones.
The price is near the 514.65 support, a critical zone for a reversal.
RSI Analysis:
RSI is at 36.41, indicating oversold conditions.
RSI moving average is at 47.50, suggesting weak momentum but potential for reversal.
Support & Resistance Levels:
Immediate Support: 514.65
Next Support: 347.30 and 227.38 (in case of further breakdown).
Resistance Levels: 605.00 and previous high of 855.00.
Suggestions & Possible Corrections:
✅ Bullish Case: If the price holds above 514.65, a potential Wave 5 rally could take the stock toward 800+ levels.
❌ Bearish Risk: If 514.65 breaks, the next strong support lies around 347.30.
Final Recommendation:
Monitor price action near 514.65; if it holds, a bullish move can be expected.
Wait for RSI to cross 50 for confirmation of trend reversal.
If price breaks below support, avoid long positions until a new base forms.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.