Share of Groupon Inc (GRPN) collapsed lower by over 40% today after the company announced horrid earnings and guidance. They also announced a reverse stock split. While many investors have sold today, there stock is actually at a major support level worth nothing. In fact, there is a stock chart bottom signal that every investor should note.
As a technical trader, connect the low pivot from 2012 to 2016. When a line is extended, it hits the low pivot of today at $1.70. This is a major stock chart bottom signal for a near-term bounce. This is the only technical signal that can be found on the chart and smart money may want to look for a near-term bounce back to $2.00 in the coming days/weeks.
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