Hims & Hers Update
We have defined a new Fibonacci retracement zone for potential new acquisitions.
Hims & Hers has successfully completed its long-term correction within yellow wave 2. A few weeks ago, the stock initiated a strong impulsive move and decisively broke out of our long-term Fibonacci retracement zone (https://monalytics.org/hims-hers-healupdate/).
Within this impulsive structure, the stock has now developed light blue wave 1, which reached its local high at $27.54. Following this high, the market entered a short-term corrective phase, forming light blue wave 2.
For this short-term correction, we have identified a new Fibonacci retracement zone where we expect this corrective phase to terminate, completing light blue wave 2 before strong bullish momentum returns and pushes the price significantly above the previous high of light blue wave 1.
This Fibonacci retracement zone is defined as follows:
- 61.8% at $19.02
- 78.6% at $16.70
- 88.7% at $15.30
From our perspective, this zone represents an optimal opportunity to buy or accumulate positions in this market. For those who already entered within our previous long-term Fibonacci zone (grey zone), this retracement offers an excellent chance to further build a strong position at attractive price levels.
Our long-term outlook for this stock remains unchanged. We continue to view this as a potential over-cyclical bottom and the beginning of a major bull run.
If this Fibonacci retracement zone holds, we expect the market to initiate the next impulsive phase, developing light blue wave 3.
As soon as the price enters our Fibonacci retracement zone or any structural changes occur, we will provide immediate updates along with a more detailed outlook on the expected progression of light blue wave 3.
Kind regards,
Monalytics
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