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