LOW
current movement is similar to what we see across the consumer discretionary sector. It has also been consolidating in a long term symmetrical triangle. There are three supporting areas that I've kept an eye on:
- The 12/13/23 gap (215). Price fell through this level yesterday.
- The variable weighted average price anchored to the 11/2/23 breakout (208-209)
- The lower level of the symmetrical triangle (187-190)
If that AVWAP acts as support we'll want to anchor another to the prior high and monitor the sentiment between buyers and sellers. If it fails, the lower level of the triangle is potentially in play over the next few months.
It's worth noting that shorter and longer term momentum indicators have rolled over and that the first half of the year historically offers multiple buying opportunities.
