In our August 26 evaluate of Affirm (AFRM) we wrote that “The charts and indicators of AFRM are weak and traders really should stay clear of the very long aspect for now. Probably later on…”
With AFRM scheduled to report their most current quarterly figures just after the near of trading Tuesday let us examine the charts yet again.
In this everyday bar chart of AFRM, below, we can see that charges have been weak considering the fact that our late August review. AFRM is even now in a downward craze and trades under the declining 50-day transferring typical line and under the bearish 200-working day line.
The On-Balance-Quantity (OBV) line is in a decline and tells us that sellers of AFRM have been much more intense with heavier trading quantity getting transacted on days when AFRM has shut lessen.
The Going Common Convergence Divergence (MACD) oscillator is bearish.
In this weekly Japanese candlestick chart of AFRM, under, we can see a bearish image. Costs stay in a longer-term downward pattern as they trade beneath the bearish 40-7 days relocating typical line. The weekly OBV line is pointed down and the MACD oscillator is below the zero line in sell territory.
In this day by day Issue and Determine chart of AFRM, below, we can see a possible draw back rate concentrate on in the $9 space.
Bottom line system: I have no unique awareness of what AFRM will be telling shareholders and Wall Road analysts but the charts are weak and traders should really continue to prevent the long aspect of AFRM.
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