I've charted fitbit before and talked about my thought of them as a business and fit tech as a trend so ill stick to what on the chart right now.
Last earning they lowered their expectation , before the holiday season started. Then reported had lower then expected sales black Friday. The stock dropped through the floor established at 12.00 to 7 dollars or half the price going price pre earning announcement.
There actually a pretty goo argument for "pricing in " a low sales expectation and this is actually a buying opportunity. We see it in retail stock around the holidays all the time.
However, i think fitbit is very young stock still with which is still going through price discovery. so your bet really is "are fitbit producst still trendy enough to get solid sales this holiday season ?"
I would have trouble justifying a short without more info..simply because that was a big move down.
could easily do 11.34 - 12.45 as a fib retracement.
Side note:dollar flow has been pretty neutral since the drop but price is forming a descending wedge , which has a pretty good shot at breaking up
Last earning they lowered their expectation , before the holiday season started. Then reported had lower then expected sales black Friday. The stock dropped through the floor established at 12.00 to 7 dollars or half the price going price pre earning announcement.
There actually a pretty goo argument for "pricing in " a low sales expectation and this is actually a buying opportunity. We see it in retail stock around the holidays all the time.
However, i think fitbit is very young stock still with which is still going through price discovery. so your bet really is "are fitbit producst still trendy enough to get solid sales this holiday season ?"
I would have trouble justifying a short without more info..simply because that was a big move down.
could easily do 11.34 - 12.45 as a fib retracement.
Side note:dollar flow has been pretty neutral since the drop but price is forming a descending wedge , which has a pretty good shot at breaking up
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404 no buyers found as the index makes new highs
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finally some good news today on our friend fitbit. most installed app on both iphone and droid after christmas. should be intrest to watch the market reaction. i was in about 7.45 this morning.
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i exited at 8.3 ,, entire retail sector is getting beaten pretty bad.