Hats off to our member, Julio, who tipped me off to this one. Strong move down from the end of April printing a descending wedge . Two large gaps on the way down. Expanding demand volume as price dropped, witnessed by those large daily green candles. Earnings last week surprised at $1.24 when 0.49 was expected (150.51% over the latter). Bullish divergence on the RSI and MACD , and Stoch RSI has crossed bullishly and is leaving oversold as RSI leaves oversold. A break above the descending wedge resistance should have this stock looking for the uppermost supply structure EQ at the gap ($124.60). Prior to that, we can expect price to target the lower supply structure EQ , just above the gap at $87.89.
This post reminds me I have to join your paid group.
With that being said, does the class action lawsuit against IRBT be worrying?
Chris_Inks
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@gohanisrice, Lawsuits are funny things. Remember, as of now it's only alleged that things happened as the plaintiff states. Just because someone alleges something doesn't make it true. There has been no court ruling yet. Furthermore, there can always be a settlement outside the court. Additionally, it could take a very long time for the lawsuit to even make its way through court. So there are many ways this can end and very few of them have to be necessarily detrimental to the company. That being said, this chart is based purely on the technical side of it -- what can be seen in the price action and volume up to this point. Those concerned but interested in trading this stock should be sure to pay attention to the lawsuit as it progresses.
With that being said, does the class action lawsuit against IRBT be worrying?