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Shares of Nebius Group N.V. (NASDAQ:NBIS) are trading lower Tuesday. This comes after the company reported earnings.
If the downtrend continues, some traders will be looking for a bottom around $98.50. This level was supported in October, and prices that have previously been support can become so again. This is what makes Nebius our Stock of the Day.
As you can see on the chart, $98.50 was the stock’s support in October. After finding this support, it reversed and rallied.
When this happened, some of the people who sold experienced seller's remorse. They came to realize their decision to sell was a mistake.
Some of these regretful sellers decided to repurchase their shares. But they also agreed that they would only do so it they can get them for the same price they were sold at.
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This means that if Nebius continues to trend lower and reaches $98.50 again, they will place buy orders. If there is a large amount of these buy orders, it could create support at the level again.
Sometimes stocks rally after they drop to support. This is what happened to Nebius in October.
Stocks rally off support when anxious, impatient buyers start cutting in front of each other and bidding each other out. They know the sellers will go to whoever is willing to pay the highest price, and they don't want to miss the trade.
As a result, they increase the prices they are willing to pay. When other impatient buyers see this, they do the same thing. This can force the shares into an uptrend, and it may be about to happen again with Nebius.
Successful traders understand how the market speaks to them. One way is how a stock or market acts after it reaches an important support level. If it looks like a reversal is underway, they position themselves accordingly.
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Posted In: NBIS
