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.
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8 | 13163 | 2.000 |
3 | 5570 | 1.995 |
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Price($) | Vol. | No. |
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2.030 | 2844 | 5 |
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