+ 1.59
+ 0.48%
+ 1.62
+ 0.47%
+ 1.18
+ 0.28%
+ 0.07
+ 0.05%
+ 2.75
+ 1.64%

Skillz Pulls Back: Technical Levels To Watch

March 26, 2021 7:24 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Skillz Pulls Back: Technical Levels To Watch

Skillz Inc.(NYSE:SKLZ) shares pulled back Friday after outperforming analysts' expectations for the first quarter of 2021.

Skillz closed down 3.83% at $18.60.


Skillz Short Term Chart Analysis: The 5-minute chart above shows the stock has been in a steady downtrend throughout the week.

The stock is down-trending short term. This can be seen by connecting the highs of the chart and observing that the slope of that line is negative.

Finding a level of support short term is a guessing game as the lows continue to get lower as shown on the chart with the line made by connecting all of the lows.

The stock is trading under both the 200-day moving average (blue) as well as the volume-weighted average price (pink). This indicates the sentiment of the stock is bearish short term.


Skillz Daily Chart Analysis: The chart looks to have completed a “head and shoulders” pattern and could be finding support in the future.

A head and shoulders pattern is a bearish reversal pattern. The pattern started near the $18 level and the price may bounce near this area. If the $18 is unable to hold as support, the stock may fall further to the $14 level as this was previous resistance on the chart.

What's Next: Bulls would like to see the stock bounce and start to make higher lows. Higher lows may indicate the trend of the stock is changing.

Bears would like to see the stock fall through the support levels.

Related Articles

Skillz Was Shot Down And Needs An Earnings Win

Skillz Inc (NYSE: SKLZ) is set to report earnings after the close Tuesday amid bearish sentiment in the stock. read more

Why Cathie Wood Is Bullish On Skillz

Cathie Wood-led Ark Investment Management believes the mobile gaming company Skillz Inc (NYSE: SKLZ) has been a victim of misunderstanding after recent short-seller allegations against the company related to its revenue recognition practices and its NFL partnership. read more

Skillz Makes A Bullish Breakaway And Options Traders Think There's More Where That Came From

After reaching an all-time high of $46.30 on Feb. 10, Skillz Inc (NYSE: SKLZ) has been in a steep downtrend that has forced the stock back to late 2020 prices. The iGaming sector has been beaten down the past few months following a lull in news catalysts. read more

3 Gaming Stocks To Play Other Than Roblox

Gaming stocks have soared over the past year as children and adults alike searched for ways to pass the time while being stuck at home during COVID-19 pandemic stay-at-home orders. read more