Chart Source : Poemsview 20th Nov 2018
Best World made another run up during the trading to a high of $2.37. We warned not to chase Best World just LAST NIGHT as we were weary of such parabolic pattern which could end up in a nasty downfall. Taken from last night’s post : “We prefer to be a little more cautious as we have seen how stocks crash from a high in a very short period of time. “
True enough it hit $2.37 and started its amazing fall. It came crashing down to a low of $1.83 in less than 2 hours wiping out one week of gain. That’s about 20% from the high to the low of today. That would be scary for us and we’re sure to most out there in the market.
Currently Best World is supported at $1.83 which is the uptrend support line and also very close to the 20ema. Closing below this level, we might see more downside.
Do be careful when trading such stocks.
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