Step-by-Step Exhaustive Technical Analysis for Opendoor Technologies Inc (OPEN)

1. Long-Term Trend Analysis (Daily Chart)

a. Price Structure and Trend Identification

• Downtrend Confirmation: From the historical data, there is a clear descending price pattern from the $1.50+ area in February down to the current sub-$0.60 levels. Several failed bounce attempts, with each high being lower than the previous one, confirm the prevailing downtrend.
• Failed Recoveries: Notably, the violent sell-off in late April (following high volume on 4/23 and again on 4/24–4/25) led to a collapse far below $1.00, establishing a new trading range ($0.60–$0.75), but each subsequent rise has been met with more aggressive selling pressure.

2. Support and Resistance Zones

• Major Resistance:
  • Recent attempts to reclaim $0.70–$0.75 have been rejected multiple times in May and early June. The $0.60–$0.62 zone is now acting as dynamic resistance.
• Support:
  • Immediate support is at $0.56–$0.57 (multiple intraday rejections of new lows in recent hours).
  • If breached, the price could have an air pocket down to $0.54 (psychological, untested) or lower.

3. Volume Analysis

• Climactic Volumes on Sell-Offs: Notably, the largest spikes in volume have occurred on down days (4/23, 4/24, 5/9, and 6/9), confirming distribution rather than accumulation.
• Recent Volumes: While the last few sessions show slightly declining volume, rallies are occurring on lighter volume vs. selling – typical of a weak, vulnerable trend.

4. Intraday Microstructure (Hourly Data)

• Lower Highs, Lower Lows: On 6/13, the price has failed to retake $0.59, with each intraday rally quickly reversed. Significant selling pressure occurs on even modest lifts – a sign of persistent supply.
• No Signs of Buyer Absorption: The attempted pushes above $0.58–$0.59 on 6/13 were immediately met by sellers, as visible by subsequent bars closing near session lows. The last uptick to $0.5765 quickly faded, with no follow-through.

5. Momentum Indicators

• RSI (Relative Strength Index, Implied by Price Action): Given the relentless lowering of both closing and intraday lows, RSI on daily and 4h charts is likely in bearish/bear market territory (<40), with no bullish divergences developing.
• MACD (Trend Following, Implied): MACD histograms would remain negative, and the signal line is likely below the zero level – a confirmation of downward momentum.

6. Moving Averages

• Short-Term MAs (20 EMA, 50 SMA): These are above the current price and point downward. Price has not closed above the short-term moving averages since late May, confirming bears are in control.

7. Bollinger Bands & Volatility

• Contraction/Breakout: Price has been walking the lower Bollinger Band since 6/2. Bands remain wide but show contraction as the price grinds lower, often preceding another expansion (potential for sharp moves on further breakdown).

8. Order Flow & Tape Reading

• Absence of Large Buy Walls: The lack of volume spikes on green candles, especially in the last 24–48 hours, suggests no meaningful buyers are stepping in.
• Aggressive Selling: Each bounce is sold into, not bought, with decreasing bid sizes on the order book. Recent tape prints near lows outnumber prints near highs.

9. Chart Patterns

• Bearish Continuation Pattern: The price action since the major breakdown in April resembles a descending channel or bear flag, now breaking down again.
• No Base Formation: No evidence of consolidation, bottoming tail candles, or volume clusters indicative of a bottom. The structure suggests further downside.

10. Market Sentiment & Psychological Factors

• Penny Stock Psychology: Sub-$1 stocks are often avoided by institutions, further reducing the chance for strong rallies, while panic selling increases when round-number supports break.
• Delisting Pressures: As the price falls further below $1, the odds of forced selling by funds (mandates for above-$1 stocks) increase, leading to added downward pressure.

11. Relative Performance & Sector Considerations

• Relative Weakness: Compared to the broad market, OPEN is showing relative weakness (incessant lower lows despite recent market strength).

12. Elliott Wave/Advanced Price Projection

• Wave Structure: The current pattern looks like an impulsive 3rd wave down in the context of a multi-leg bear market decline, suggesting a further leg lower before any prolonged corrective rally.

13. Fibonacci Levels

• Extension Targets: Projecting the prior major range (April highs $1.10s to $0.60s) gives extension targets at $0.54 and $0.43.

14. Summary Table

Indicator/Pattern	Signal
Trend	Strong Down
Support	$0.56
Resistance	$0.59–$0.62
Momentum (RSI/MACD)	Bearish
Distribution Volume	Ongoing
Candlestick Structure	Bearish
Microstructure	Weak

15. Price Prediction (Next 24 Hours)

Given the:

• Persistent downward trend
• Failure to hold rallies
• Absence of absorption or reversal signals
• Imminent break of current support ($0.575)

Price is likely to break below $0.57, accelerate to $0.56, and could test the $0.54–$0.55 area intraday. Any bounce to $0.58–$0.585 likely faces immediate selling.

16. Trade Plan

• Position: Short (Sell)
• Entry: Optimal entry is just under weak recent support ($0.574–$0.5765), capitalizing on expected support break and momentum follow-through.
• Profit Target: $0.545 (first Fibonacci extension, prior psychological level)

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Final Conclusion:

With the current technical landscape, rapid loss of support, and persistent selling on upticks, the probability strongly favors further downside. No signal for bottoming, mean reversion, or a counter-trend move is present.

Decision: Sell (Short) at $0.575. Target $0.545.