FTCH| This one is gonna need some help
Updated
Hi all,
Technically, Farfetch is really not looking good. It has been stuck in a step-down channel, with not much downside support.
I think it will really need some good news to push it above the MAs, which have provided resistance over the past couple months.
Really stuck in this one, but I like the long term prospects, so for all longs, I would look to buy a bunch of shares if this trades down to 39$.
Anyone seeing this differently? I guess it could be interpreted as a prolonged bull flag after that huge run up, but it seems unlikely now a couple months in.
Or it could be a big ABC corrective wave? Who knows.
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
Technically, Farfetch is really not looking good. It has been stuck in a step-down channel, with not much downside support.
I think it will really need some good news to push it above the MAs, which have provided resistance over the past couple months.
Really stuck in this one, but I like the long term prospects, so for all longs, I would look to buy a bunch of shares if this trades down to 39$.
Anyone seeing this differently? I guess it could be interpreted as a prolonged bull flag after that huge run up, but it seems unlikely now a couple months in.
Or it could be a big ABC corrective wave? Who knows.
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
Note
Looks like it's starting to break down
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