GitLabs stock price (GTLB) edged down in the intraday levels while gathering positive momentum to rise anew, as it also vented off overbought saturation in the RSI, with negative signals streaming out of it, amid the dominance of the upward correctional wave in the short term, with ongoing positive pressure due to trading above the 50-day SMA.

Therefore we expect the stock to return higher, provided it settles above $55.16, which represents the $38.2 ratio of Fibonacci correctional levels for a descending wave in the short term, which started with the $78.53 top, and ended with the $40.72 bottom, thus targeting the next resistance at $59.62.