The RSI is signaling oversold conditions at just over 30.
The stock is hovering near multi-year lows despite having done well fundamentally. There could be a rally in the cards in the near future.
If long-term support is broken amid a sustained selloff, however, there might still be some pain before bottoming out. Closing well below $15 for a few weeks in a row could signal decreased confidence in M. All things considered, a rally from the lows looks more likely. If nothing else, expect a period of consolidation to form around the present support level of $15.
I'm rating this as neutral even though I'm bullish because the downward trend is so strong that it's possible to continue trending lower beyond the long-term support.
The stock is hovering near multi-year lows despite having done well fundamentally. There could be a rally in the cards in the near future.
If long-term support is broken amid a sustained selloff, however, there might still be some pain before bottoming out. Closing well below $15 for a few weeks in a row could signal decreased confidence in M. All things considered, a rally from the lows looks more likely. If nothing else, expect a period of consolidation to form around the present support level of $15.
I'm rating this as neutral even though I'm bullish because the downward trend is so strong that it's possible to continue trending lower beyond the long-term support.