I initially thought this was a descending triangle pattern and considered a short. But after the earnings on 6/6/19, the initial move was downward was unable to hold and the stock moved back over my $50 support line. Because the stock did not continue to break down, I believe this is only a consolidation and the stock is waiting for a catalyst to bring it higher and test the previous highs just under $70.
Kommentera
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Since this post, the stock fell with the market-wide sell off and looks to have bottomed right around that same $43 level it did after earnings (if you include after-hours, the double bottom is almost to the penny). The MACD is showing a bullish crossover now and the RSI has moved out of oversold conditions. I think this stock will bounce back to the $52 level before earnings on 9/5.