Price reached 2.5yr downtrend resistance. Technicals also showing negative divergence. Rally hitting key fib retracement levels. RSI could fall back down into bear-range.
Fundamentally, I've being bearish on Samsonite ever since they (over) paid Tumi back in 2016. Luggage is a commoditised product. Online competition was becoming fierce (Away Travel was just...
Break-down through neckline could lead to >-50% downside.
Stock is still trading on > 130X current (Fy21) no-gaap eps guidance.
Don't get me wrong, It is a good company offering good product. ZM (and GSX) were the only 2 buy-and-hold stocks I suggested to my hedge fund clients in late 3Q19.
From a user perspective, (I am currently a CFO at startup doing M&A),...
Twitter rolling, down to horizontal support?
Interesting to note:
(1) downtrend resistance on the RSI and
(2) negative divergence between RSI and Brown Composite Index*
(3) looking back, lots of similar historical price-action compared with now
* Derivative of RSI (and no range-constraint)
Thoughts welcomed.
Daily (L): +6.5% initial upside on inverse head-shoulder breakout. RSI constructive.
Weekly (R) - Unfortunately the ratio still in a downtrend (just pulling back from extremely lows). RSI range need to move back to the bullish channel (red) for the ratio's long-term downtrend to reverse; tough-shot unfortunately.
