iQIYI may fall to 1.59 - 1.74

Our pivot point is at 2.55.

Our preference

The downside prevails as long as 2.55 is resistance.

Alternative scenario

The upside breakout of 2.55 would call for 2.83 and 3.

Comment

The RSI is trading below 30. This could mean that either the stock is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the stock is trading under both its 20 and 50 day moving average (respectively at 3.0143 and 3.4042). Finally, iQIYI has penetrated its lower daily Bollinger band (2.33).

Supports and resistances

3 **

2.83 *

2.55 **

2.44

2.26 (USD-last)

1.9

1.74 **

1.59 *

1.43 **

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