NTRI Getting a Diet - Down ~6%+
NTRI is down almost 6% right now (falling like lead at the opening bell) to $68.
Technically, the resistance should kick in hard at $65, so it isn't yet testing the waters.
There is no news driving this, so I look to the technicals and that's where things get interesting.
NTRI is a trading stock - it moves up and down based on trading momentum and not fundamentals. That spells speculation to me and worse.
A remarkable element in NTRI is the massive short position: 43%. I have never seen a stock have this much negative sentiment. One side effect is that short covering creates an underswell of price pressure pushing up prices as shorts have to keep buying shares to cover their positions. This week is options week, so get ready for something interesting. The stock had run up $10 since the last options week, and it is now giving back a lot of it.
Technically, the resistance should kick in hard at $65, so it isn't yet testing the waters.
There is no news driving this, so I look to the technicals and that's where things get interesting.
NTRI is a trading stock - it moves up and down based on trading momentum and not fundamentals. That spells speculation to me and worse.
A remarkable element in NTRI is the massive short position: 43%. I have never seen a stock have this much negative sentiment. One side effect is that short covering creates an underswell of price pressure pushing up prices as shorts have to keep buying shares to cover their positions. This week is options week, so get ready for something interesting. The stock had run up $10 since the last options week, and it is now giving back a lot of it.
posted by Andrew at
10:26 AM
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