CoreWeave (CRWV): Where's support?

CoreWeave (CRWV) broke down below 127-126; potential support: 110 to 100

CRWV gapped lower on October 21, confirming a tactical topping pattern with the breakdown below 127–126. This move establishes downside targets near 110 (the 61.8% retracement) and 100, which aligns with a key chart level and measured downside count.

If weakness holds above or within the 110 to 100 zone—and the 26- and 40-day moving averages (both absolute and relative to the S&P 500) retain upward slopes—CRWV could still stabilize and form a base, with the upper end of this potential base defined by 148.75–153.20.

The 126–127 zone has reversed its role from tactical support to tactical resistance. A sustained recovery above this area would be needed to reinvigorate the bullish trend.

We flagged downside risk for CRWV given a bearish engulfing pattern in this blog on October 13 and the stock responded accordingly.

Chart 1: CoreWeave (CRWV) (top) and relative to the S&P 500 (bottom): Daily chart