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- Affirm stock price fell 10% on a weekly basis and trading near a 52 week low.
- AFRM stock price is below the 50 and 200 day EMA showcase downtrend.
- Affirm Holdings (NASDAQ: AFRM) to release quarterly earnings on May 9, 2023.
Affirm stock price fell 10% approx in the current week and is approaching toward the 52 week low. It indicates that short term traders are booking the profits from the higher levels ahead of quarterly results.
AFRM stock price is trading below the 50 and 200 day EMA showcase positional trend is in the downward direction. However, the price is near to the demand zone and quarterly earnings are scheduled next week which may positively impact the prices.
Affirm Holdings Inc (NASDAQ: AFRM) to release quarterly earnings on May 9, 2023. Market analysts estimated the EPS of -$0.918 and revenue estimate are $369.945 Million. If the company succeeds to meet the estimates then we might see a bounce back in the stock prices. However, if the company disappoints in the earnings then the bear may try to hit the fresh 52 week low.
Affirm stock price closed the previous session at $9.86 with an intraday decline of -2.95% and market capitalization at $2.90 Billion. At the beginning of February AFRM stock attempted to break the $20.00 hurdle with a strong momentum. Sadly, the prices got rejected and failed to hold the higher levels.
Will Affirm stock price rebound from 52 week low?
Affirm stock price witnessed profit booking and collapsed down with a higher momentum. AFRM stock consolidated for a few days in a narrow range in a hope of upward expansion. Unfortunately, prices break the lower range and continue to decline. Presently, the price is near a 52 week low and eroded all the gains of past few months.
The market index like Dow Jones, Nasdaq Composite and S&P 500 is in the initial phase of bullish trend reversal. Therefore, if the overall market sentiment remains bullish then it might positively impact the price of Affirm stock. If the buyers succeed to defend the $8.62 support then the probability of the rebound will substantially increase. However, if the price drops below $8.62 then the next phase of downfall will begin.
AFRM stock price prepares for Up-move or down-move
AFRM stock price forming a bearish candle on the weekly time frame and no signs of recovery is visible. The wild up-move or down-move is expected only after the release of earnings.
Till then Affirm stock price might consolidate for some more time. The technical indicators like MACD had generated a negative crossover indicating prices are likely to trade with bearish bias. The RSI at 41 sloping down denotes weakness and prices may test the oversold territory.
Conclusion
Affirm Stock price fell 10% approx on a weekly basis ahead of quarterly earnings. AFRM stock is trading near to the 52 week low and the wild up-move or down-move is expected after earnings.
Affirm Holdings Inc (NASDAQ: AFRM) quarterly earnings scheduled on May 9, 2023. If the company succeed to meet the analyst estimates then the possibility of rebound will increase.
Technical levels
Resistance levels : $12.00 and $15.00
Support levels : $8.62 and $7.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
