iQIYI may fall to 2.79 - 2.98

Our pivot point stands at 3.97.

Our preference

The downside prevails as long as 3.97 is resistance.

Alternative scenario

The upside breakout of 3.97 would call for 4.3 and 4.5.

Comment

The RSI is below 30. It could either mean that the stock is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the share stands below its 20 and 50 day moving average (respectively at 4.0955 and 4.5679).

Supports and resistances

4.5 **

4.3 *

3.97 **

3.84

3.67 (USD-last)

3.17

2.98 **

2.79 *

2.61 **

Number of asterisks represents the strength of support and resistance levels.