$SE TOP 20
Added 2023-12-21 23:12:18 +0000 UTCNice 8% bounce today after once again finding support just above the red line at the 1 Fib at $34's.
This is the 5th time it has bounced on this level.
News broke two days ago:
'E-commerce firm Shopee bought Brazilian fintech Blu's local credit arm, according to a regulatory filing on Monday, as the Singapore-based company aims to offer credit directly to customers living in Latin America's largest economy.'
The market has so far appears to have liked their expansion into another emerging market and I do like this approach and I am bullish on Brazil too.
The price stopped out at the 200 Day MA today, as it did on the 8th of December, so the 200 Day MA needs to be flipped on the 1hr chart to signal a reversal.
It has done this in November but they released their earnings report and it was worse than estimates and it fell further, so this level needs to be broken out of and hold as support before we can confirm an impulse wave higher.
