Rubrik is our newcomer in the Tech & Innovation sector, and this stock shows a very clear and trending bullish structure.
After a long-term uptrend, Rubrik found a major high with green wave 1, followed by a major correction within green wave 2. After the completion of green wave 2 at its long-term major bottom of $42.25, this stock found strong new bullish momentum, initiated strong new bullish impulses and fractals, and even reached back above the all-time high of green wave 1.
In the long term, we expect this stock to start a major rally, leaving its local high at $106.70 and the high of green wave 1 far behind. The long-term uptrend is still in its early stages, and therefore, we have set a Fibonacci retracement zone in the short term to jump on the trend and establish a position in this market.
Long entry levels:
- 50% at $87.04
- 61.8% at $82.40
- 78.6% at $75.81
Within this zone, Rubrik ends its short-term correction and follows the overall uptrend. Therefore, we expect this zone to be one of the last and greatest opportunities to buy this stock or to allocate good positions for the upcoming bullish uptrend.
If anything happens with this stock, we will update you immediately.
Kind regards,
Monalytics
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