Wish Stock Price: ContextLogic Inc edges higher but is still not out of the woods

Update August 24: ContextLogic Inc (NASDAQ: WISH) has risen for the second consecutive day, edging 0.90% on Monday to close at $6.69. Shares of the e-commerce firm are still down nearly 27% in the past month, with bulls still looking for a break above resistance. Bears may find comfort in the fact that the company's shares advanced less than the broader S&P 500 index, indicating potential for a downfall if the market mood sours once again.

NASDAQ:WISH closed out a week of overall volatility for the broader markets as the August OPEX finally comes to an end, much to the relief of investors. ContextLogic snapped its recent losing streak on Friday as shares of WISH added 6.42% and closed the week at $6.63. It remains unclear if these levels are forming support for WISH, especially as the broader markets surged on Friday, supported by mega-cap tech stocks. Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), and NVIDIA (NASDAQ:NVDA) all closed the day higher, while Microsoft (NASDAQ:MSFT) surged to a new all-time intraday price. 

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Following its disappointing earnings call, ContextLogic has lost the trust and confidence of its shareholders. Management has been called many things including misleading, which certainly is not a welcome characteristic for a company that has only been public for less than a year. ContextLogic is already taking steps to overhaul its search algorithm to focus on high-quality sellers, as well as adding features like video reviews from past customers. It is all in an attempt to address the issue of low quality products and a decrease in buyers to the platform. 

Is wish a good stock to buy?

There is a key level above $7.50 that Wish investors are eyeing carefully. While this area previously acted as support, the breakdown following the earnings report saw the stock lose all previous levels of support. Wish bulls will want to reclaim this area as support or risk falling even further without a positive catalyst on the horizon.

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