UPST further downside?
Updated
UPST is one of my favourite comapnies, with a unique business model and expertise. However, it is also a great example of a great busines not being a great investment all of the time. Based on simple work on the Daily timeframe, it appears the stock has a bit more to go on the downside.
UPST has held the traendline going back to IPO fairly well, and now seems to have broken, tested, and confirmed this break. This opens up various target-74, 50, and theoretically 22 as well though that would appear to be unlikely.
UPST has held the traendline going back to IPO fairly well, and now seems to have broken, tested, and confirmed this break. This opens up various target-74, 50, and theoretically 22 as well though that would appear to be unlikely.
Trade active
I would use high of trendline break day as stop, 95.36 (round up to just above psych level 95.60)Note
First target reached-though its mostly due to the market and almost any bearish call would have worked. Dont see any need to take any profits yet. Given the market action over the past few days, a strong counter trend bounce is likely, and UPST should bounce also. Bring stop to 90.65Trade closed: stop reached
Trade hit revised stop, and then proceeded to hit final price target also. Lesson learnt, fine tuning of trades can be counter productive.
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