Shares of Overstock.com (OSTK) have fallen from a 52 week high of $128.50 to its current $57.75 level. This epic decline is a classic price retracement of the move that took Overstock.com from $2.53 to $128.50 with no major pull backs. With an over 50% decline in price from the 52 week highs, many investors are looking to accumulate Overstock.com. However, Overstock.com stock chart analysis says ‘not so fast’. Price will continue to decline until it gets to at least $48.15. This level represents a 61.8% Fibonacci retrace of the $2.53 to $128.50 move as well as the pivot high from August 2018. Lastly, the even number break of $50 should flush out a lot of longs which is needed to get a near-term bottom. To be clear, I have no clue where this stock will be in one, two or three years from now. The $48.15 level is purely a swing trade, multi-factor bounce level, likely good for a 25% bounce on Overstock.com. Learn the Overstock.com stock chart analysis and make great swing trades like this, netting massive gains. Note my gains this year below!
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