Stock sold off due to their earnings report. Honestly, I don't think the report was so bad to deserve a +20% selloff. If you look at the other burger stocks, all dealing with the same issues, most of those stocks held up today, even being green. The selloff today held around the 61.8% Fibonacci Retracement level from the December low to the recent September highs.
I am keeping an eye on this stock to see how these levels hold. I think this should start bouncing back as the weak hands & profit-takers close their positions.
I am keeping an eye on this stock to see how these levels hold. I think this should start bouncing back as the weak hands & profit-takers close their positions.
Comment:
Seems like the stock is trying to carve out a base & potentially exit an oversold condition. Closing in on a bullish crossover of that 10-day EMA line. Still keeping an eye on this one.