This is a great company that I intend to buy and hold for a long time period, 10+ years, now is not the time to buy it. Why? The trend is stage 3 bearish downtrend. The stock is putting in new lows. I will wait until all technical indicators are aligned before I enter a position. In the meantime, I'm setting cash aside to buy this stock when it starts putting in a bottom of support.
It is beginning to reach a previous support zone at $49 that has been a past support and resistance point. I'm going to watch for the MCAD to crossover to show buyers are coming in along with watching the Strat for a bullish signal. We have the beginning of consolidation possibly signaling with the RSI in the oversold area. I want to see the 5, 10, and 20 day ema crossover.
There are many trapped in the $53 range and once we enter the trade we can easily move back to the 200 day ema of $72.
Earnings is coming Nov. 3 so the stock may move quickly bearish if bad earnings or bullish for good earnings.
As far as recession, people still take care of their pets during recessions so this stock should hold the test of time. Not investment advice do your own diligence.
It is beginning to reach a previous support zone at $49 that has been a past support and resistance point. I'm going to watch for the MCAD to crossover to show buyers are coming in along with watching the Strat for a bullish signal. We have the beginning of consolidation possibly signaling with the RSI in the oversold area. I want to see the 5, 10, and 20 day ema crossover.
There are many trapped in the $53 range and once we enter the trade we can easily move back to the 200 day ema of $72.
Earnings is coming Nov. 3 so the stock may move quickly bearish if bad earnings or bullish for good earnings.
As far as recession, people still take care of their pets during recessions so this stock should hold the test of time. Not investment advice do your own diligence.