IHRT is a company that has been hit particularly hard due to the coronavirus. It needs to bounce now if it expects to keep its head above water. It is down roughly 70% from its price in March and I wouldn't be surprised to see this play out heading into earnings and continuing assuming earnings go smoothly next Thursday, April 30th. RSI looks good some positive divergence on the left shoulder and head. Certainly is a risky play given all the uncertainty but I see a lot of potential reward and a high probability of success in the short term.
Unfortunately, it has not established into an inverse head and shoulders formation as it never broke out of the neckline and continued to travel in the same path. However, a couple of pipe bottoms hopefully means there's a bullish reversal.
mac163537
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@herlihyinvestments, Absolutely. We are coming up on some major resistance it will be fun to watch over the next few days. A close above $7.50-$8.00 could send this puppy up quite a bit if overall market conditions allow.
herlihyinvestments
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@mac163537, I agree, while it is struggling to reach a breakout at its current position, I believe the price is a is in need of just a little kickstart in order for it to rally into a major breakout given the company's strong financials. Definitely a stock to watch for sure.