May 8 Chart of the Day - CROX
After exploding to the the upside since June 2022 from $45 to $150+ CROX has recently taken a breather and fallen back to the $110 area. Some investors interpret this as a normal and healthy pull back but some traders seem to think the sky is falling with no bottom in sight.
From a higher time frame weekly basis the chart is behaving like many fast trending charts do. From a short term intra day perspective the bears seem viscous. But are they really bears or simply the bulls taking some profits off the table.
Short term, price may want to dip its toes down below $100 to really shake out all the weak longs. Alternatively, we could see price ping pong within $110-$125 range, consolidating for its next move which could be in either direction.
Take a look at the charts and make your determination.
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