Unfortunately, there is not much hope for the bulls regarding chart patterns. We see the slight recovery since August as nothing more than a bearish flag. So far, this wave has run into the open gap and simultaneously to the 38 Fibonacci level. The stock may still make it to the USD 27 area. At this point, we expect a new, sharp downward wave that should push the price below USD 19. As of today, we cannot analytically deduce a true bottom formation.
Only above USD 30 will the bulls have medium-term hope for a longer rally phase again.
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