Technical analysis based on the latest earnings presented by the company and projecting a decrease in interest rates by the FED for the end of the year.
It has broken the long-term downtrend with volume. He tested it and it has bounced on the poc of volume. From here a new uptrend could start if the market accompanies.
The company's estimates for the current year were disappointing, with a drop in targets from institutions. In my opinion we are in a wave 5 with a possible stop at 6.50 with the possibility of continuation of the downward movement to 5.25. For the moment I stay out.
It is currently rebounding above the 0.61 retracement of the entire upward movement, which coincides with the floor of the medium-term bearish channel. The daily RSI is oversold. Several parameters that could indicate a downward price depletion and a possible trend reversal in search of the center of the downward channel in the first instance.
You can see that it tried to break out of the long term channel but failed to do so by bouncing off the 0.78 Fibonacci. It broke the short-term bearish channel. I see a good income looking for a rebound in the short term.
After the sharp decline on Thursday, I see a correction to $ 74 where there is strong support, which also coincides with the 0.5 Fibonacci retracement. For this reason I coincide a possible income in search of a rebound with SL at $ 72
