Morning everyone, with the market acting the way it currently is I decided to do another TA on WELL Health.
Step 1 for me is zooming out. Despite the current market WELL actually held up quite strong – Beautiful Weekly close wicked just above the 20day SMA forming a nice support (Double bottom) in this 6.20 -8.20 channel. If we can snap this losing streak I think that might be our immediate next stop.
Stochastic's oversold and the RSI is closely following. On a shorter time frame we can see that bulls finished the Friday session off strong positioning us in a nice spot technically as we are sitting on the 20day SMA.
Now obviously Im looking at this week so let's look at the last week.
If we can open above 6.9 (50day SMA) I think we can close around that 7.14 (200day SMA) level which should line us up for that move out of the $6-$8 range and into the $10s and beyond.
Now funny enough what actually has me the most bullish this morning is looking at Friday alone. Selling pressure was suppressed by the bulls and it closed right near HOD above all major resistances.
I have a feeling we break that $7.14 range highlighted on the 30minute as our next resistance then it's on to $8 $9 and $10!
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