More WallStreetBets stocks are trading lower this Wednesday, with Clover Health well in the red to mark a 5th day of losses. Since hitting a high of $28.85 on 9 June, Clover Health has been in a downward spiral, fuelling more bearish Clover Health stock price predictions.
Clover Health is down 1.00% as of writing after recent data revealed that short interests own more than a third of the company’s stock float. Some of the selling on Clover Health stocks has accelerated as the 180-day lockup period ends, providing a window of selling opportunity for investors who got the stock before listing.
Technical Outlook for Clover Health
The daily candle is challenging the support at 9.94 (Nove 2020 lows), which adds to bearish Clover Health stock price prediction bets. For these bets to be actualized, the support at 9.94 needs to collapse, opening the door for further selling which could take the price to 8.85 (12 March/10 May highs). Below this support, 7.27 and 6.58 line up as potential targets if the decline continues unabated.
On the flip side, bulls would be looking for a bounce on 9.94 to initiate a leg up to 11.86, with further advance taking Clover Health stock price towards the 13.29 resistance barrier (15 January low, 10 February high).