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3 Top Stocks That Could Breakdown This Week

April 21, 2021 8:19 am
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3 Top Stocks That Could Breakdown This Week

iRobot Corporation (NASDAQ:IRBT), Upwork Inc. (NASDAQ:UPWK), and Etsy, Inc. (NASDAQ:ETSY) are all trending lower and the charts look like these downtrends will continue.

iRobot is testing an important support at the $110 level. It reached this level twice in March and it rebounded each time.

The stock is now testing this level again. If it breaks, the shorts sellers will hit it, which could drive it much lower.

irbt.png

Upwork shares are in a freefall. They may find support around $41 as this level was support in March and it may be so once again.

If the $41 level breaks, it will mean the buyers who formed the support have left the market, and the sello-ff will continue.

upwk.png

Etsy has formed a classic head and shoulders pattern. Many technical analysts don’t know that these patterns can have multiple shoulders, but that's the case here.

The $192 level is the neckline of the pattern. If support at this level fails, shares could fall much further.

The way to determine a price target in these patterns is to take the distance from the head to the neckline, and then subtract it from the neckline. The head was around $240 and the neckline is $192. That would put the price target around $144.

etsy.png

 


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