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ContextLogic Inc. stock downgraded from Hold/Accumulate to Sell Candidate after Wednesday trading session.

StockInvest.us, 5 months ago

StockInvest.us

The ContextLogic Inc. stock price fell by -1.60% on the last day (Wednesday, 16th Jun 2021) from $11.27 to $11.09. During the day the stock fluctuated 9.46% from a day low at $10.36 to a day high of $11.34. The price has fallen in 5 of the last 10 days, but is still up by 30.47% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -42 million shares and in total, 98 million shares were bought and sold for approximately $1.08 billion.

On May 13, 2021 "Stifel Nicolaus" gave "Hold - Reduce" rating for WISH. The price target was changed from $20.00 to $12.00.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $10.79, a level that may pose a second chance to hit a runner. According to fan-theory $15.38 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

ContextLogic Inc.

The ContextLogic Inc. stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $10.94 and $10.39. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, June 08, 2021, and so far it has fallen -4.64%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

ContextLogic Inc. finds support from accumulated volume at $10.69 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.98 between high and low, or 9.46%. For the last week, the stock has had a daily average volatility of 14.34%.

ContextLogic Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Check full ContextLogic Inc. forecast and analysis here.