SMCI
What a breakdown! This is another stock showing a head and shoulder breakdown. A full measured move to the downside is $500, which is a 78.6% retracement and near the 200-day moving average.
$650 is the next support level, and if it fails, the volume gap can cause the stock to drop quickly to the $500 area..
I remember analysts were caught up in AI euphoria on the way up and came out with ridiculous price targets. Just recently Loop capital upgraded their target to $1500. 🤦♂️