With a weekly chart, we can get an overview of the stock.
We can notice the break of the uptrend (mid/long-term): see the dotted line. Now, we are at the test of the 61.80% FIBO level that it is also the previous resistance (see the rectangle). The last one could represent a new support (maybe, let's look at the next trading sessions).
It is interesting also to see the volatility exhaust, marked by the BB: the stock is on the lower side of the band and it could be a rebound (see the previous ones and the yellow circled area, from overbought to oversold and vice-versa, of the RSI). However, it is too early to speak about a trend change for the above reasons. It needs other confirmations. According to me, at now, it is only a break in the downtrend.
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| Chart from Investing.com |
It is premature to buy on the basis of technical conditions (see the MOMENTUM, MACD and EMA bundle 20-50-100) although it can be a good price on the basis of fundamental analysis (see the previous article, https://michelecarollo.blogspot.com/2018/11/ima-spa-relative-valuation.html, "The price still could go down for the reason that the trend is clearly bearish. However, the current market price is beginning to be interesting.").
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| Chart from Investing.com |
The view is the same if we use a smaller time frame, like a daily chart: see the following image.
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| Chart from Investing.com |
