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- Contextlogic Inc’s WISH Stock Price fell by 1.80% in the intraday session.
- The Q4 earnings planned a plot twist against Wish.
- Plans to slice the workforce to deal with inflation.
Contextlogic Inc. (NASDAQ: WISH), is a mobile electronic commerce company. It operates in a discovery-based shopping platform that bridges merchants’ products to the users based on the latter’s preference. The e-commerce businesses witnessed a hyped-market when the Covid-19 pandemic broke out pan-globe.
Since then, the comfort and approachability of e-comm sites have witnessed a positive response, almost addictive to the users. On the other hand, the investors were in for a shock when the Q4 revenue reports were rolled out. The reports for the period ending in December 2022 revealed earnings to come out with a lesser gap but revenue sharply fell. The revenue for the fourth quarter was short by about $29 million. The fall in Wish stock price is attributed to the negative revenue reports.
Plan to Wish’s Remedy
Federal Reserve Governor Philip Jefferson defined inflation in the United States as “stubbornly high.” He set a target of reducing the inflation rate to 2% with the rate game. He did not disclose the details of the Fed’s upcoming policy decision.
In light of the undisclosed policy by the Fed, Wish plans to chop off its workforce. It kept the number of positions under the covers but indicated relying on the market trend to slice job roles. Many, from Amazon to Meta, opted for job cuts to deal with inflationary markets.
Wish appointed Joe Yan as the permanent CEO for further planning and management. Yan acted as an interim CEO from September 2022. Under his guidance, Wish will take corrective measures to analyze the market situation and take action accordingly.
Wish Stock Price Action
Wish stock price has shed 1.80% during the intraday session and more than 40.03% in the last 7 days. The volume shows highly active sellers motivated to sell off. The falling prices look for support near $0.435 and, if successful, may reach near the resistance of $1.005 with respect to previous swings.
The RSI falls beneath the half line in the seller-controlled zone, indicating bears are gaining dominance. The MACD records tall seller bars in the region below the zero-mark histogram point while forming a negative cross. The indicators flare bearish signals and hint at a downward-moving market.
Conclusion
Wish stock price is under the shadows of slowing economies and the cascading effect of inflationary trends. The falling share prices are looking for support near $0.435 and can retrace to the resistance level at $1.005. Holders of Wish stock may rely on the primary support zone.
Technical levels
Support levels: $0.435 and $0.350
Resistance levels: $1.005 and $1.307
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 assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
