GENM - Many may doubt whether the hard-hit stock is at the right point to go for bottom fishing. Well, based on technical, stock that's being punished below 200-days MA (crucial supporting trendline) will take some time to recover & will need strong catalysts in terms of fundamental/ news flow to do so. The bigger picture still heading down.
But, is there something positive we observe now? Yes, there's potentially RSI bullish divergence in formation. However, we expect further downside is possible, which if happen shall lead to stronger & firmer formation of RSI bullish divergence. At that point, it can be considered a "Go Signal". Most possible answer is - Wait now, wait for stronger RSI divergence, wait for 2.76 again.
Current support at 2.76
Strong resistance ahead at 3.25
Disclaimer: Analysis shared here is purely for educational & learning purpose, it does not induce any intention to purchase or sell. Further action or execution shall be consulted via experts. Trade at your own risk.
But, is there something positive we observe now? Yes, there's potentially RSI bullish divergence in formation. However, we expect further downside is possible, which if happen shall lead to stronger & firmer formation of RSI bullish divergence. At that point, it can be considered a "Go Signal". Most possible answer is - Wait now, wait for stronger RSI divergence, wait for 2.76 again.
Current support at 2.76
Strong resistance ahead at 3.25
Disclaimer: Analysis shared here is purely for educational & learning purpose, it does not induce any intention to purchase or sell. Further action or execution shall be consulted via experts. Trade at your own risk.