Wish Stock Price Rise Above All-Time Low, is Price Bottom Out?

ContextLogic Inc. WISH stock price stuck inside the tight sideways range.

The average Directional Index sinks in lower levels, suggesting low volatility.

On the weekend 2nd December, buyers managed bullish territory as price was up 6.2%.

ContextLogic Inc. WISH stock price records negative growth in market capitalization. Investors are frequently witnessing a sharp downtrend since its all-time high of $32.849 mark. Therefore novel investors are scared to add Wish stock in their portfolios for long-term outlook. Constant decline in price drove asset price at its all-time low levels.

ContextLogic Inc. WISH stock price has been underperforming since mid-August. In the past few weeks, buyers lost nearly 65% of their cost until assets hit all-time low at $0.6258 on 09 November. Investors almost lost their bullish hope at this price point, therefore there is low buying pressure as of now.

The all-time low turned into the immediate support level, thus bears have set their selling range between $0.83 to $0.63 bullish hurdle to demand zone. Meanwhile, WISH stock price stuck inside the tight sideways range. Despite the sideways momentum, On the weekend 2^nd December, buyers managed bullish territory as price was up 6.2%.

On the upside path, there are several bullish hurdles as per fib retracement. However, trading volume seems low while it reported at 27.9 million on friday. Similarly, Average Directional Index (ADX) sinks in lower levels, suggests low volatility for WISH stock price.

Now bulls get relief after seeing 11.10% gain last week. This price recovery propels WISH stock price above the 20 day exponential moving average. In the letter of 2 November, bulls closed daily candlestick above 20 EMA (green), aiming for a conceptual round level of $1.0 as a next stop. Especially, RSI gradually moved over semi-line (50 mark), positive indication for short-term outlook.

Conclusion

The ContextLogic Inc. WISH Stock price appears bullish under the tight horizontal range. Bulls are aggressive as of now on the behalf of RSI’s positive indication. It seems they propel asset price towards the conceptual round level of $1.0.

Support level – $0.63

Resistance level – $1.0 and $2.0

Disclaimer

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