CRTO 10/9/2023CRTO
Daily chart analysis
CRTO bottoms out at all-time lows Mar.’20 at around 6.45.
The freshly printed covid bucks sent the stocks into uptrend up to 45.50
The stock eventually starts moving sideways in form of an M top pattern with a neckline/support at around 34.00
Feb.’22, price breaks down from M Top pattern, signaling the start of downtrend.
Price enters downtrend between Feb.’22 thru Jul.’22 before find support at around 21.00.
At this support level, price pullback just above the previous neckline/support area and creates a price rejection. The price rejection move also rejects down trendline created by the M Top.
Now we see price has broken down from the trendline created by pull back.
A lot of sell pressure here.
Will be entering trade short.
Entry: 28.92
Stoploss: 32.23, -11.45%
Target #1: 20.77, +28.18%, 2.46 RR ratio
Target #2: 6.45, +77.70%, 6.79 RR ratio
