Short term Short-SellClassical Fibonacci and Supply/Demand Trade setup.
Although analyst recommends buying MYE, and its true for long term, I still think it will go down retracing Fibonacci as this is in Supply Zone. Another reason to short is RSI indicated oversold for a duration of time.
In next few days I expect this to go down atleast until mid Jan after which it should rise as analysts indicated.
Lower time frames (lower than 1D) indicates Red candles so this is pushing downwards, 1D time frames indicate wicks bigger than candle body with the tendency to gow down.
MYE trade ideas
Short $MYEThesis: With growth and inflation decelerating (Quad4) and our leading indicators slowing as well that means we want to be short Industrials. Within the Industrials sector the Rubber & Plastics industry was reporting contraction via ISM data. After screening for P/E and style factors like High Beta coupled with a strong long term price trend we added $MYE to our watchlist. $MYE (Myers Industries, Inc.) manufactures a diverse range of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. Myers Industries is a leader in the manufacturing of plastic reusable material handling containers and pallets, and plastic fuel tanks. Other principal product lines include plastic storage and organization containers, rubber tire repair products and custom plastic and rubber products. $MYE is also the largest distributor of tools, equipment and supplies for the tire, wheel and under vehicle service industry in the United States. The distribution products range from tire balancers and alignment systems to valve caps, tire repair tools and other consumable service supplies.