Shares of Sea Ltd (SE) collapsed today on the back of a max exodus. Speculative money had driven price to insane levels. Share price crashed more than 10%, dropping from $83.75 to $73.93. The downside target price is $62.00.
Anytime a stock collapses from all-time highs, engulfing the previous multiple upside days, it is an extremely bearish technical signal. In other words, the chart was severely damaged and will have a very hard time making new all-time highs. Engulfing candles at tops stick out to technical traders like a sore thumb. The downside target is reached by calculating the opposing momentum swing and finding a technical level (gap fill) in that range. This would also be close to a 50% retrace from the March 2020 lows.
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