POSH: Broken out and targeting $48POSH has completed an impulse 5 wave move to the downside. It has bottomed and broken out of trendline resistance. With earnings coming up the stock could squeeze higher and ultimately is targeting $48.
Poshmark
Posh Kilroy BottomSeems i was a bit early on my previous attempt to identify a bottom but an inverse head and shoulders seems to be forming. It has a longer, less volatile, accumulation feel from $23-$25 the past 3 weeks. Time will tell but this is already down (-77% YTD).
Poshmark has had good news developing from partnering with SNAP and expanded to Australia and India and acquired Suede One.
Posh possible early kilroy bottom POSH is currently down -75% since it's IPO. It was consolidating in for months between $33 and $50 until most recently it dropped to a low of $24-$25.
Before the big drop short interest was at 33% with days to cover at almost 3 weeks! Luckily for the shorts, no one squeezed them. Since the drop to the $25 level, short interest has decreased to 5%!!!!!
We could be looking at the early stages of an inverse head and shoulders bottom in the making. Time will tell of course.
The company is still growing, recently entering Australia and India.
Side Trading range.POSH recently started trading through an IPO and got utterly destroyed. It has now been hovering around its IPO price of $42 and it looks like the side trading will continue until maybe the next quarterly report.
This is going to be a good range trade to profit off of for the time being between $38 - $48 and may re touch the lows of $33 depending on overall market conditions.
Secondhand retail business is popular and profitable for POSH and their business model is actually very easy to use despite what the bear say. I call that this is the bottom for the company as they are growing 40% quarter over quarter and its only a matter of time before wall street warms up to it.
Good Luck. Always do your own Due Diligence.
