Hourly chart is being used instead of daily chart because this new IPO stock has limited trading bars. As seen from the hourly chart the last candlestick is resting on the 61.8% Fibonacci retracement at 2.43 which is also the intersection point of the green and orange channel support lines.
Both the RSI and stochastics are hovering just above the oversold region and appears weak and may fall further. Retest of both the green channel followed by the light blue support zone is unaviodable if buying interest does not return tomorrow.
Immediate resistance is the lower red dotted channel boundary. Next resistance is the 50% Fibonacci retracement at 2.49 and the upper orange channel around 2.50 followed by blue upper channel. Strong resistance is expected around the 2.55 to 2.60region.
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