Reddit (RDDT) building an Oct-Dec base

We got an inquiry on Reddit Inc. (RDDT).

RDDT is building a potential base off its October and November lows. While above the improving 13-, 26-, and 40-day moving averages near 204-201, with developing chart support from 199 to 189, this bottoming pattern remains in place, increasing the potential for a bullish breakout. A decisive rally above 230-231 would confirm this bottom formation and favor upside to 282 (mid September high) and 288 (pattern count).

RDDT also shows bottoming signs relative to the S&P 500, which is a positive sign.

Chart 1: Reddit (RDDT) (top) and relative to the S&P 500 (bottom)