January 19 Chart of the Day - iRobot
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iRobot (IRBT) stock price plummeted on Friday and is making worldwide headlines as The Wall Street Journal reported a European Union regulator will block Amazon's (AMZN) $1.4 billion bid to buy the Roomba maker.
But is the bottom in yet? Probably not from a price action technical analysis perspective.
In looking at the monthly chart we can see price price fell 26% today to the $17 area and could go down even further. We wouldn't be surprised to see a $7 print before a bottom begins to define itself.
The weekly chart reinforces our downward target with the confluence of multiple trend lines, previous support levels, and bear Fibonacci completions targets.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
Take a look at the charts and let us know what you think.
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