First Republic Bank Continues Below $5Merely an update to my previous idea.
And well... I started this idea before the bell, and it was $3.51 at the time.
It's now $2.01 post as of typing this but that will be different already.
I think I will just post this as is, because it's moving too quickly to make any rational conclusions.
To be noted, every time $15 was broken, the market dumped it below preventing it from becoming proper support.
Now, the HKEX:5 line is going to be doing similar tricks on it and FRC fell below it.
Notice the two more recent dead cats I have professionally marked 😼
I did not have HKEX:3 price line on my previous chart, but I see that now there's a clear line there as well.
Only psychological levels matter at this point.
Same ideas:
*It's a personal opinion of mine that psychological levels, whole number resistance and support, should have this much control over price action.
Psychological levels have the most effect when there's extremes of emotions. I feel it's rather self-explanatory.
It's either going towards zero or it's getting bought to prevent it from hitting the pavement.
The variance in price alone is a clear indicator its in deep trouble while it was just downgraded to BB.
Previous low on charts of $17.60 is notable, while HKEX:20 pertains to psychological significance.
Below this, I see little more than psychological levels.
HKEX:10 , double digits. HKEX:5 , where select exchanges consider a stock a penny stock. HKEX:1 , where the rest consider it a penny stock.
You can label a ton of this chart a deadcat bounce here or there.
Please add thoughts. I didn't see a Fibonacci ladder helping much because the price action was too chaotic.
DYOR/DYOC.*
