ContextLogic Inc. WISH stock managed to gain on Wednesday and may reach the $7.00 recovery level leaving the declining pattern. ContextLogic stock price has been falling through an interesting pattern over the daily time frame chart. Now buyers need to accumulate at a higher rate in order to push WISH share price upwards. However, the stock has been declining through the descending parallel channel since August 2023.
WISH share price rose, tearing apart the 2-day decline streak over the daily time frame chart. Analysts predict a bigger move which will essentially be a recovery from the lower level. On Wednesday, WISH stock showed better performance compared to some of its competitors. Amazon.com Inc. (NASDAQ: AMZN) increased by 1.83% to reach $127.00, while Walmart Inc. (NYSE: WMT) rose by 1.20% to reach the $161.00 level.
WISH stock price was at $4.30. Market gained 4.12% of its market capitalization during Wednesday’s trading session. Trading volume (469.457K) was below average (718.024K) and needs to grow during Thursday’s trading session. This demonstrates that buyers’ accumulation needs to increase for the stock to break out of the declining parallel channel pattern.
WISH Stock Price Prediction: Roadmap to $10.00
ContextLogic stock price has been declining through a descending parallel channel over the daily time frame chart. Now buyers need to accumulate at a higher rate in order to push WISH share upwards. However, volume change can is below average and needs to grow during Thursday’s trading session. Meanwhile, ContextLogic stock price slipped below 20, 50, 100 and 200-days daily moving averages.
WISH stock may rebound now with a strong upside trend to reach the $7.00 mark. However, WISH shares must attain its recovery by breaking out of certain resistances on its way. At first the stock must break out of the primary resistance level at $5.15 after breaking out of the declining pattern and initiating its recovery phase. WISH then needs to register its recovery from the $6.37 secondary resistance level to maintain its recovery towards the $7.75 mark through the $7.00 resistance.
After that, WISH share price must sustain near the $8.50 resistance to continue its recovery following mild consolidation. Only then can WISH stock reach the recovery level of $10.15.
Technical indicators highlight the uptrend of WISH shares inside the descending parallel channel. Relative strength index (RSI) confirms the upward momentum of WISH. RSI was at 40 and is heading towards neutrality. Investors in ContextLogic Inc. (NASDAQ: WISH) need to wait until WISH stock price reaches the upper trendline.
Summary
ContextLogic Inc. WISH stock managed to gain on Wednesday and may reach the $7.00 recovery level, leaving the declining pattern. On Wednesday, WISH stock showed better performance compared to some of its competitors. However, volume change is below average and needs to grow during Thursday’s trading session. Technical indicators highlight the uptrend of WISH shares inside the descending parallel channel. Investors in ContextLogic Inc. (NASDAQ: WISH) need to wait until WISH stock price reaches the upper trendline.
Technical Levels
Support Levels: $4.10 and $4.05
Resistance Levels: $4.55 and $5.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/07/contextlogic-inc-wish-stock-gained-wednesday-to-recover-for-10/