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Ollie’s Bargain Outlet Is Still Not On Sale, Here’s The Buy Level

Ollie’s Bargain Outlet Is Still Not On Sale, Here’s The Buy Level

In late August, the shares of Ollie’s Bargain Outlet Holdings Inc (NASDAQ:OLLI) tumbled after reporting earnings that failed to impress Wall Street. The stock topped out in May 2019 at $103.03 a share. Since that high pivot, the share have plunged by nearly 45.0%. Currently, OLLI stock is trading around the $57.50 level. While many traders and investors are thinking that a bottom has been made the stock it still trades below its 50 and 100-week moving averages. This tells me that the stock is still in a weak technical position on the charts. The important 200-week moving average has not been tested yet as it sits around the $52.73 level, but the longer the stock trades sideways above that area the more that moving average becomes minor support on the charts. My key buy level for OLLI stock will be around the $45.00 area. This important level is where the stock broke out in December 2017. As many of you know by now, I like stocks that retest their old break-out levels. These levels are usually defended by the institutional crowd.