Watching stocks that haven't fallen as much yet, I found another potential stock to short. The company has an earnings report soon, which is likely to be worse than expected or just in line with expectations. If you look at the fundamentals, the company is still heavily overvalued and it's not clear why it's still worth so much. The technical picture on the chart is also points to a further decline: the downtrend on the weekly and the nearest strong buying zones are $140-160. I think that at the opening I will open a short position from levels of $270-300, SL $325, TP $150-160.
Comment:
It took a little longer than I originally expected, but the stock finally started to drop. Judging by their recent ER, the company is in for a tough time. I think the price of $250-300 was simply unreasonable and people finally began to understand this. Most likely, the price will not fall much below $120-140, but I don't expect any significant upside in this particular stock during the whole of 2023.