Solid News Inc.: Technical Analysis

8/12/2022 11:25 AM

The shares of Inc., the world's largest e-commerce platform, continue a moderate sideways correction and are trading around 140.00.

On the daily chart of the asset, a local uptrend is forming, at the top of which the Head and shoulders reversal pattern ends, the development of which can begin after the quotes fix below the low of the second Shoulder around 137.00.

On a four-hour chart, the second Shoulder of the formation is almost completed, and its implementation can begin today. If all markers are executed, the expected target for the movement of the trading instrument may be 124.70, and in case of a reversal and continued growth, the key resistance will be the global high at 150.00.

The readings of technical indicators also confirm the high probability of continuing the corrective decline: indicator Alligator's EMA oscillation range narrowed almost completely, and the histogram of the AO oscillator forms downward bars in the buying zone.

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