$QNT’s latest surge has clearly faded: it reached a high of $204.70 over the past 24 hours, but was trading at $192 at 09:18 Beijing time on October 20, failing to hold above $200.
This has a specific implication for those preparing to buy: if your reason for buying is that “it has already moved above $200,” the current price has invalidated that premise. Touching a price level intraday is not the same as the market consistently accepting that level.
My view is bearish: the pullback after this surge is enough to invalidate the claim that it has established a foothold above $200. Anyone looking to buy the dip is effectively betting that it will reclaim lost ground; framing that decision as going with an already established uptrend understates how difficult that call is.
This has a specific implication for those preparing to buy: if your reason for buying is that “it has already moved above $200,” the current price has invalidated that premise. Touching a price level intraday is not the same as the market consistently accepting that level.
My view is bearish: the pullback after this surge is enough to invalidate the claim that it has established a foothold above $200. Anyone looking to buy the dip is effectively betting that it will reclaim lost ground; framing that decision as going with an already established uptrend understates how difficult that call is.