ONON shake-out

Feb 10, 2023 08:40 AM 1 Answers
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Hi Marty,

Me again!  So grateful as I commented in my last question, for everything you teach and share!  You mentioned that you were expecting a significant shake-out in ONON, and that is exactly what happened!  How did you know?  What were the signs in the chart that led you to that conclusion?  Thank you Marty!

I am holding ONON and about to allow a gain turn into loss because I have been busy this week😂....  ONON had a significant correction and breaking out of a stage one IPO base will be a challenge because of the overhead supply. The pullback was expected and welcomed by this who wanted in at $20.95 and watched it rally to $24.11.  The new buy point is $24.11, and I need to see some strength before adding to my position.

The weekly chart shows all of the overhead supply in this stock, and that is why I say it will be a challenge. They are scheduled to report earnings on March 18, and I am willing to wait to hear what the company has to say.

The retail group has pulled back the most this week and is down 6% mostly due to CMG  LYFT and CPRI dropping some bombs on the market. There are pockets of strength as we saw with TPR and UBER.Thank you for your kind words!🙏



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Feb 10, 2023

Thank you Marty!  Your detailed response is so helpful!  Yes - I am also about to be underwater for the same reasons! 🤣

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