Crimson Tide Plc.: Will TIDE Stock Retest The £2 Mark?

• TIDE stock has followed a downtrend since the start of 2023.
• Crimson (TIDE) stock is down by 30.04% over the past month.
• TIDE closed at £1.70 with a gain of 21.43% in the past intraday session.

The Crimson Tide (LON: TIDE) stock price has been moving with a strong bearish momentum since May 2023, dropping from the high of £3.40. The price melted about 47% after forming strong resistance at £2.40 towards the annual low of £1.30. However, the bearish trend did not sustain and was halted at the support level of £1.30. 

However, the price recovered after a breakout and bounced back towards the £1.70 support level. Recently, TIDE stock closed at £1.70 while witnessing an increase of 21.43% in the pre-market trading. The strong rally reflects the confluence between the bulls and bears. 

If the bears take control and push the price below the recent annual low of £1.30, it might head towards the next potential support level of £1.20. There is a minor barrier at £1.40, which can be shattered if the bearish momentum prevails. 

On the contrary, if the current bullish momentum sustains, the TIDE stock price might retest the resistance level of £1.90. If a candle closes above the £1.90, the price can hike towards the significant resistance level of £2.40.

TIDE stock has experienced a downtrend throughout the year, negatively affecting its performance. Hence, the year-to-date and the three-month returns are 32.00% and 28.39%, respectively. 

The TIDE stock price has dropped below the 20, 50, 100, and 200-day exponential moving averages (EMAs), indicating a rise in the bearish momentum. However, the recent meltdown has diluted the price immensely. 

The chaikin money flow score has been hovering below the 0.00 mark since September 22, 2023, and previously traded at -0.11, suggesting weakness and vigorous dominance of sellers in the market in the past few weeks.

The relative strength index (RSI) stands at 35.42, far from the 50-neutral territory, indicating intense pressure from the bears’ side. However, the price might melt towards the annual low if the bearish momentum prevails. 

However, the recent hike and price action suggest that the price might face a correction phase soon. Moreover, the market capitalization of Crimson Tide Plc is £11.177 Million, and the average volume is 1.438 Million shares. 

Conclusion 

The market structure and price action of Crimson Tide turned bearish after the price faced rejection from £2.40. The technical parameters suggest that there is a vigorous weakness in the market. Hence, there is a possibility that it might make a recovery from the prior meltdown. 

Technical Levels 

Major resistance: £3.44 and £3.20

Major support: £1.70 and £1.30

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.