There have been many posts about Overstock (OSTK) here on Slope – you can see the old ones here – but I wanted to add another one to the pile.
The head and shoulders pattern on the company is fantastic. Indeed, by traditional measured moves, the target price for OSTK is a negative number. So let’s just assume that, as battered as it already is (more than half the value destroyed already), it still has a ways to go.
Eyeballing the chart, it seems to me around $20 is reasonable, repeating the same kind of “lurch toward the prior trendline” move that I’ve highlighted here.
Besides really like the chart, I’ve focused on OSTK since their CEO has had a bug up his ass for years about short sellers. He seems to think they are the reason whenever OSTK is weak as opposed to – – to make up a hypothetical – – having a company with incredibly lame customer service. In any case, after hours on Monday, it looks like we’re making more progress.
