Let’s get right to the Weekly chart:
- Lost the 50 SMA (68.49)
- Lost the 200 SMA (62.34)
- The pullback is on Rising volume
- MACD rolled over
- 2 weeks of Big selling
- The Gap defined by the blue box has not filled yet
- Kidding, lol
- Notice the Volume at Price bars. 5 massive bars in the price range of $60 to $75
- Approaching the RSI O/S area of 30 where 2 prior tests were bought (last one however was a 13-week bottoming process)
My assessment is this: I think it finishes filling the gap below and that should coincide with the RSI bottoming at 30. It is then that one can consider building a new long position for a rebound play. The R/R for a new short position here has diminished but can be considered nonetheless.
The next Earnings release is May 8 BMO.
Here are how the May & June Option chains currently look: