Extremely oversold. Likely rebound tomorrow or Friday.This is just my take so please don't throw stones lol
TA says stock is extremely oversold. A few things have happened:
1) Some $1.45 warrant holders shorted their warrants ahead of time
2) Some early investors sold stock to secure profits
3) Traders anticipated both of the above and piled on for an easy short trade
4) Some retail panicked and sold as well
Cumulatively, we arrived in this very oversold area but I believe things are about to turn around.
1) Given how oversold the stock is, it has already some traders entering long positions. RSI falling below 20 will pop up on even more technical scans, so expect more buying.
2) Shorts should start covering as they anticipate the window of opportunity closing on Oct 11th and start to feel pressure from traders on the buying side.
3) Warrant holders cover their shorts.
4) Investors who sold previously see the stock moving and start buying back
5) Panic retail buying driven by FOMO
I believe the last sequence of events will start to unravel if not tomorrow then Friday. Let's see if I am right.