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