exela technologies inc xela a small cap business process automation company was nosediving over 15 lower at one point on wednesday after plunging over 32 on tuesday on tuesday exela began trading on a 120 split adjusted basis which caused a negative reaction for the company’s common stock shares of exela had also run up into the event and when a stock runs prior to known news a sharp decline often follows exela announced recently a partnership with the dian fossey gorilla fund the charity which protects mountain gorillas and exela are selling cobranded apenation gear such as tshirts and hats to raise money for the endangered animal and its conservation the news received attention on reddit where at least one user posted an analysis on exela the company could now find its place among the group of meme stocks that retail traders take heavy interest in due to its fairly high level of short interest exela has 256 million meaning 1163 of its 22millionshare float held short the number is up from 248 million shares in july from a technical standpoint exela needs bulls to step in quickly because on wednesday the stock was printing another new alltime low and there is no support in the form of price history below want direct analysis find me in the bz pro lounge click here for a free trial the exela chart on tuesday exela confirmed it was trading in a downtrend by printing a lower low under the previous low of 262 which was formed on july 20 the first indication that a downtrend may be on the horizon occurred on july 21 when exela formed a lower high at the 328 mark   on tuesday exela printed a hammer candlestick on the daily chart which could have indicated the stock would trade higher on wednesday but the bears look to be in full control of exela for the time being   eventually the stock will bounce up higher at least to print another lower high and traders can watch for another reversal candlestick to print on high bullish volume   the bounce is likely to come over the next few days because exela’s relative strength index rsi is measuring in at about 33 when a stock’s rsi reaches or fall under the 30 level it becomes oversold which can be a buy signal for technical traders   bullish traders may choose to wait for the stocks bearish volume to continue decreasing on the daily chart which may eventually indicate a reversal is on the horizon   exela has resistance above at 165 and 184 there is psychological support below at 150 see also how to read candlestick charts for beginners