Clover Health Trades Higher With Other WallStreetBets Stocks, But Still Could Use A Good Bounce

Clover Health Investments Corp. CLOV shares were moving higher Friday, pushing higher alongside other popular Reddit Wall Street Bets Stocks.

Other high interest Wall Street Bets stocks trading higher Friday include Alibaba Group Holding Ltd BABA, Nvidia Corp NVDA and Tesla Inc. TSLA.

Clover Health was up 2.5% at $7.75 at last check.

See Related: Alibaba, Nvidia, Clover Health, Tesla, Wish And More — Stocks WallStreetBets Is Eyeing Today

Clover Health Daily Chart Analysis

• Shares look to be possibly heading toward support in what technical traders call a sideways channel pattern.
• The stock is trading below both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment in the stock has been bearish.
• Each of these moving averages may hold as a possible area of resistance in the future.
• The $10 has held as resistance in the past, while the $7 level has held as support in the past. These support and resistance levels may hold in the future again.
• The Relative Strength Index (RSI) has been moving sideways below the midline and sits at 41. This means that lately there has been more selling pressure in the stock than buying pressure.

What’s Next For Clover Health?

Bullish traders would like to see the stock bounce off support and begin to form higher lows. If the stock can form higher lows, then bulls would like to see the stock break above resistance and hold above the level.

Bears would like to see the stock fall down to support and be able to break below it. If the stock can begin to hold the $7 level as resistance, then it may show that the stock is ready to see another downward push.