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ThecoinrepublicStockWish Stock Price Down by 62%; Short-Term...
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Wish Stock Price Down by 62%; Short-Term Pullback Possible?

Wish stock price (NASDAQ: WISH) was down by 62% on a basis and formed a bearish pattern. It displayed a double-top pattern and prices collapsed with a strong momentum. 

Wish stock faced rejection from $10.00 and prices dropped below the 50-day EMA. It showcases positional as well as short-term trends in a downward direction. However, the prices had gone far away from the EMA so a relief rally may trigger anytime. 

For the past few months, Contextlogic stock price consolidated in a wide range between $6.00 to $10.00. Buyers tried multiple times to break the higher range but got rejected. It showcases the dominance of sellers in the supply zone. 

Contextlogic Inc released the previous quarter’s earnings on August 3, 2023. It reported an EPS of -2.746 and revenue of $78 Million. The company beat the EPS estimates by 9.45% but unfortunately missed the revenue by 17.24%. 

Wish stock reacted negatively after earnings and prices collapsed 25% in a single day. Later, the sell-off continued and prices broke the $6.00 support which invites further decline.

Wish Stock Price might regain the $8.00 mark?

Wish Stock Price Down by 62%; Short-Term Pullback Possible?
NASDAQ: WISH daily chart by TradingView

Wish stock price (NASDAQ: WISH) is in a strong downtrend and trading near the 52-week low. Short-term pullback may arise but prices will face difficulty to regain the $8.00 mark. 

Till Wish stock price trades below $8.00, the prices are expected to remain in bear grip. Moreover, if the price drops below $5.00 then more downside will open. 

The broader market index like Dow Jones and Nasdaq 100 is also in a correction phase. Due to that Wish stock prices might also get negatively impacted. 

The technical analysis suggests, the Wish stock price is inside the bear grip and the possibility of regaining the $8.00 mark is low. 

Contextlogic Stock Bearish on Multiple Time Frames

  
        

Contextlogic stock price is bearish on multiple time frames. As of now, no signs of recovery are visible. The prices are below the super trend sell line indicating bearishness might continue. 

The MACD curve slopes down and drops below the zero line confirming the strength of bears. The RSI at 36 near to the oversold territory denotes weakness but pull back rally may trigger anytime.

Conclusion

Wish stock price (NASDAQ: WISH) has fallen for 3 consecutive weeks and hit a 52-week low. The technical analysis suggests that Wish share price is oversold so minor pullback is possible.

Technical levels
  • Resistance levels: $8.00 and $10.00
  • Support levels: $5.00 and $4.00

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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