$HIMS - Which is it?NYSE:HIMS reached the wedge breakout target and is currently consolidating between the 50% and 38.2% Fib retracement levels.
There is an inverse head and shoulders (IHS) forming, and the neckline happens to be the Point of Control (POC) volume resistance + 50% Fib retracement.
It needs a successful breakout above $9.50 for the IHS to validate.
However, there is also a mini Head and Shoulders forming. If materialized, it could lead to a fall to the $6 handle. So carefully watch the $8 area; if the price breaks below $8, the pattern will invalidate, and the stock could fall to the $7 - $6 area. So be aware of the risk.
Upside targets:
$9.50
$11.50
Downside risks:
$7 to $6