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WeWork (WE) Starts Correction After 150% Rally in 2 days, Key Support Levels to Monitor

I am personally staying away from WeWork, but this chart analysis is for those who have been asking me about my thoughts for WE.

I believe that this yellow trendline is a key price level for WE, which has been acting as an area of resistance from February to June of 2023 (marked by red arrows).

WE finally broke above this yellow trendline in June, and has retested the yellow support line twice (marked by green arrows).

There was a recent retest on Sept. 11 that led to a 150% rally in just 2 days.

WE is currently in a correction with $4.30 as a key short-term support level.

For now I would monitor whether WE can remain above these price levels or else WE is at risk of dropping down to the yellow trendline for another retest there.

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