Stocks often go through a correction after having experienced a strong rally and that is what happened with the ContextLogic (NASDAQ:WISH) stock on Wednesday. The stock suffered from a bit of a selloff and went down by as much as 10% on Wednesday but at the same time it ought to be noted that in the past week, it is still up by 7%.
Trading Data
On Wednesday, WISH stock slid 9.79% to $2.58 with more than 23.37 million shares, compared to its average volume of 26.30 million shares. The stock has moved within a range of $2.5600 – 2.9000 after opening trade at $2.90.
Key Development
The stock had actually rallied earlier on in the week on Monday but there was no news with regards to the company that may have led to such a rally.
The stock has performed poorly in recent times and up until Monday, it had clocked a decline of as much as 91% over the course of the past year. However, experts believe that the stock had actually gone up on the back of a rally in the wider technology sector on Monday.
One thing that investors need to note in this regard is that the day on which the stock rallied also happened to be the last day at the helm for Piotr Szulczewski, its former Chief Executive Officer. It may be a good move now to keep an eye on further news about the company in the coming days.
Technical Data
WISH stock is trading below the 20-Day and 50-Day Moving averages of $2.64 and $3.10 respectively. Moreover, the stock is trading below the 200-Day moving average of $7.18.
