My $85 price target from about a year ago ($1700 pre split) has been reached. Considering current state of the market I am expecting at least another 30-40% decline from current levels. Around $53-$56 ranger I am expecting a bit of support considering stock consolidated at that level for two years from 2018 to 2020.
I am not suggesting $53 will be the bottom. In fact I think price will go lower. But I will have to gage on the state of the economy, technical set up of the chart and more importantly on FED’s actions before I can see the bottom.
If/when price slides below $50, there could be some support around $27-$30 range where consolidation occurred for about to years in 2014-2016. Ultimately it could dip to $13-$16 range where someone was accumulating shares for 6 years (2007-2013), but I will have to re-assess those levels as times goes by.
I am not suggesting $53 will be the bottom. In fact I think price will go lower. But I will have to gage on the state of the economy, technical set up of the chart and more importantly on FED’s actions before I can see the bottom.
If/when price slides below $50, there could be some support around $27-$30 range where consolidation occurred for about to years in 2014-2016. Ultimately it could dip to $13-$16 range where someone was accumulating shares for 6 years (2007-2013), but I will have to re-assess those levels as times goes by.
