$NBIS
NBIS is bouncing hard, but the weekly chart still needs to prove itself.
After hitting a low near $110 last week, NBIS has recovered roughly 40% to $154.69. Impressive bounce, but it’s still down nearly 50% from its $300 peak. The bigger structure remains damaged, with a series of lower highs and a breakdown below the 50-week moving average. Key level to watch is $164. This was major support during the uptrend and is now the first resistance. A weekly close above it would be the first meaningful sign of recovery. Above that, $175–185 is the next major resistance zone. On the downside, $147–148 is the immediate support area, followed by $125 and eventually $110 if the bounce fails. RSI at 43.8 is recovering, but accumulation/distribution has collapsed from roughly 30B to 3.6B, suggesting significant distribution. Also, selling volume was much heavier than the recent buying volume. This is still a relief bounce within a broken uptrend. If $164 gets rejected, the setup could turn into a bear flag. I want to see a convincing weekly reclaim before turning bullish. Don’t confuse a sharp bounce with a confirmed reversal.
Tomorrow earnings so let’s see