Off your game?

Read our free Dr K report on how to optimize your mind and body so you can boost your focus when trading the markets.
Your email will always remain private.

SSS - Opentable, Inc. (OPEN) Reverse Flag Formation Extending from an H&S Top

Opentable, Inc. (OPEN) appears to be in a reverse flag formation as it has consolidated its breakdown through the neckline of a Head & Shoulders Top formation, as we see in the weekly chart of OPEN below. We think the stock is going lower, and do not see it getting back above its intra-week high of 63.50, about 10% higher from last night's close. We would look at any bounce from here as shortable using the 63.50 level as your ultimate stop, although we think the stock has a snowball's chance in Hades of making it that high on any bounce off near-term support at around 55. Regardless of the stock's short-term action, we expect OPEN to eventually stage a "downside breakout" through the 55 price zone that could coincide with a new leg down in the general market, so look for some synchrony between OPEN and the general market as a confirming sign of playable weakness on the short side.


This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
Copyright ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing.
All Rights Reserved.
privacy policy