Can Hims Recover after Novo Nordisk Diss?
A nasty dip for Hims HIMS Monday. Novo Nordisk confirmed that they are terminating their collaboration with the company due to concerns about their 'illegal mass compounding and deceptive marketing.' That was enough to send the stock tumbling 34% to $41.98 into the bell.
Him's CEO responded to the allegations, saying 'We are disappointed to see Novo Nordisk management misleading the public. In recent weeks, Novo Nordisk's commercial team increasingly pressured us to control clinical standards and steer patients to Wegovy regardless of whether it was clinically best for patients. We refuse to be strong-armed by any pharmaceutical company's anticompetitive demands that infringe on the independent decision making of providers and limit patient choice. We take our role of protecting the ability of providers and patients to control individual treatment decisions extremely seriously, and will not compromise the integrity of our platform to appease a third party or preserve a collaboration. The health and wellness of individuals always comes first. We will continue to offer access to a range of treatments, including Wegovy, to ensure providers can serve the individual needs of patients.'
The stock crashed below its 50-day moving average which was overhead at $47.45. Looking further below, the 200-day is down at $33.46. The big gap down should attract a bit of back-and-fill tomorrow.
Moving Averages: Bartosiak starts by examining the stock's moving averages, such as the 50-day and 200-day moving averages. He points out the significance of crossovers and divergences between these averages, which can indicate potential trend changes.
Support and Resistance Levels: Bartosiak identifies key support and resistance levels on the chart. These levels act as barriers that the stock price must breach or hold above, providing traders with critical decision points.
Chart Patterns: He discusses chart patterns like head and shoulders, cup and handle, or flags, and their relevance in predicting future price movements. These patterns can offer valuable insights into potential bullish or bearish trends.
Volume Analysis: He emphasizes the importance of volume analysis in confirming price trends. An increase in trading volume during a breakout or breakdown can validate the significance of a price move.
Dave Bartosiak's technical analysis approach adds depth to our understanding of The Hims and Hers Heath's stock chart. By paying attention to moving averages, support and resistance levels, chart patterns, technical indicators, and volume, he equips investors with a comprehensive toolkit for making well-informed decisions in the stock market. Remember, while technical analysis is a valuable tool, it's important to consider other factors like fundamental analysis and market sentiment before making investment choices.
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