Shares of GSX Techedu Inc (GSX) are bouncing sharply today after forced selling of shares linked to the Archegos collapse conclude. Smart investors know, when stocks drop sharply based on no material information about the company, it is a rare buying opportunity. The strong bounce on GSX Techedu looks to have started. When looking at the technical chart setup on GSX Techedu, the bounce will likely make an easy move to $45.50. That is a minimum/first target. That is the low pivot from January 2021 and will be resistance. If GSX Techedu gets through that level, look for upside back to $62.80. It is also worth mentioning that the RSI on GSX Techedu was as low as 20 yesterday. That is incredible and an extremely oversold signal. While a nice bounce today with GSX Techedu trading above $33, look for more upside in the coming days/weeks back to at least $45.00.
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