Charts, page-4426

The Power of Support Retest..

13-Nov-2023 : Keeping it Simple with Price Action and Technical Analysis.

The weekly chart of Weebit Nano tells an interesting story of a pullback with resilience.
Let's see what we can derive, looking as far back as Sep-2021

* We can trace a straight line since Sep'21, that has a strong resistance ( RED Flags), till Dec'22, after which the polarity flipped and resistance became the new support.
* From Jan'22, the stock shot up and saw a high with almost 120% gain in just 2 months !!!
* Since Mar'22, it has been in a decline, with again a clear resistance trend line ( WHITE Line ), with multiple attempts to cross, and failed.
* The long support line got breached in mid-Sep'23, and the support is being now retested.
* The Doji indicated a reversal of trend, followed by a long wick bullish hammer candle, hence reinstating that the support has high probability to stay.
* I can also see an Inverse Heads & Shoulders formation now, with the neckline around 4.5 price point.

For me, the stock is in a good space to enter on any correction with a stop-loss below the last swing.. with more that can be added on signs of successful breaching that neckline resistance that's very close to the White resistance line also now.

** ACCIDENTS HAPPEN IN ANY ANALYSIS ... NEVER TRADE WITHOUT A STOP-LOSS.