OPENDOOR PULLBACK POSSIBILITY
Trend:
Opendoor's price movement has been consolidating near recent highs. There appears to be some exhaustion in the upward trend.
Indicators:
Three bearish harmonic patterns were printed on the chart by the ZigZag Harmonics indicator.
The SSL Hybrid indicator's baseline turned red and is signalling downard momentum. It also printed a sell signal.
Thoughts:
With four signals indicating sell on the 15 minute chart, we should be seeing a dip in the stocks price action in the near term. The one, two, and three hour charts show a change in trend, from bullish to neutral. The four hour chart does not show a change in trend. As we examine this 15 minute chart, a Fibonacci retracement has been drawn. If the price dips below the Fibonacci gray zone, it would not longer be a dip and would more likely be a reversal. It appears more consolidation still needs to take place before we see more volatile price movements.
Opendoor's price movement has been consolidating near recent highs. There appears to be some exhaustion in the upward trend.
Indicators:
Three bearish harmonic patterns were printed on the chart by the ZigZag Harmonics indicator.
The SSL Hybrid indicator's baseline turned red and is signalling downard momentum. It also printed a sell signal.
Thoughts:
With four signals indicating sell on the 15 minute chart, we should be seeing a dip in the stocks price action in the near term. The one, two, and three hour charts show a change in trend, from bullish to neutral. The four hour chart does not show a change in trend. As we examine this 15 minute chart, a Fibonacci retracement has been drawn. If the price dips below the Fibonacci gray zone, it would not longer be a dip and would more likely be a reversal. It appears more consolidation still needs to take place before we see more volatile price movements.
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