Not Out of the Woods Yet: RDDT’s Critical Test at 83.6

RDDT looks like it's in the late stages of a bearish cycle, but hasn’t confirmed a reversal yet. Here’s what stands out:

✅ Bearish pattern targets completed: This suggests that the technical downside has largely played out, and we might be near exhaustion.

📉 -65% from February highs: That’s a deep correction — often the kind that starts to attract value hunters or bounce trades.

📍Testing a key gap level: Price returning to the origin of a previous gap can act as strong support. It's a high-stakes area.

⚠️ 20% rebound but trend still bearish: A sharp bounce doesn't break the downtrend. It could be a bear market rally — unless confirmed.

❌ Below 20-day and 200-day MAs: Momentum and long-term trend are still against the stock.

👀 Level to watch — 83.6: Holding and building above this level would be the first real signal that the downtrend might be turning.

Bottom line
RDDT might be trying to bottom out, but confirmation is key. Until it reclaims and holds above 83.6, the bias remains cautious. However, the confluence of technical signals suggests risk is shifting — and bulls may soon test control if 83.6 holds