OPENDOOR OVERSOLD AND READY TO SHOOT UP
Trend:
Consolidation occurred today, in which, the stock dipped in the morning and evened out at the end of the day. This kind of behavior signals bearish momentum that was faded out by stronger bullish momentum.
Indicators:
An SSL Hybrid signal came through today at 17:30 on the chart as an upward arrow. It was a long candle that ranged from 3.01 to 3.12.
The STC indicator did not signal a buy today but did inform us we are deep into the oversold zone on this one hour chart. The MA baseline also turned gray which is great because it might turn green tommorow indicating a buy signal.
The harmonics indicator did not print any signals on the one hour chart, so it is likely that there still isn't any major movements at the moment.
Thoughts:
Bull run breakouts usually occur after heavy consolidation. The price action of this stock has been consolidating at good levels and is a sign of strong support. The recently observed weakness in breakouts from the upper channel leads me to believe there is still not enough demand to make this stock run at the moment. The great news is that the price movement dipped quite low on the channel which was a retest of support. After testing support, we ended the day with price recovery back to morning price levels. This failure in bearish momentum today may mean that the bulls are more in control than the bears. I am bullish biased because I love the underlying stock's mission to simplify the real estate market process. With all the information provided on the chart, there appears to be a higher probability of upside in the near future.
Consolidation occurred today, in which, the stock dipped in the morning and evened out at the end of the day. This kind of behavior signals bearish momentum that was faded out by stronger bullish momentum.
Indicators:
An SSL Hybrid signal came through today at 17:30 on the chart as an upward arrow. It was a long candle that ranged from 3.01 to 3.12.
The STC indicator did not signal a buy today but did inform us we are deep into the oversold zone on this one hour chart. The MA baseline also turned gray which is great because it might turn green tommorow indicating a buy signal.
The harmonics indicator did not print any signals on the one hour chart, so it is likely that there still isn't any major movements at the moment.
Thoughts:
Bull run breakouts usually occur after heavy consolidation. The price action of this stock has been consolidating at good levels and is a sign of strong support. The recently observed weakness in breakouts from the upper channel leads me to believe there is still not enough demand to make this stock run at the moment. The great news is that the price movement dipped quite low on the channel which was a retest of support. After testing support, we ended the day with price recovery back to morning price levels. This failure in bearish momentum today may mean that the bulls are more in control than the bears. I am bullish biased because I love the underlying stock's mission to simplify the real estate market process. With all the information provided on the chart, there appears to be a higher probability of upside in the near future.
Aviso legal
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