Reddit DeathcrossThe market is selling of and we are witnessing a brutal drop on Reddit, arguably the best recent IPO. I fully expect the downtrend to continue. I did warn traders and investors that we will have a large drop in tech, particularly in names like Monday, Tesla. Smart money was positioning in safer names like Nestle, please look at my trade idea for that.
I do like Reddit but its valuation was inflated. If $100 doesn’t hold I expect the gap to be filled around $80-85. That could be a place for long term investors to initiate a position.
Not financial advice, do what’s best for you.