In the Lightning Round of Thursday night's Mad Money program, Jim Cramer talked about Yeti Holdings (YETI) : "I like Yeti very much. This is a great brand name and a strong story." Let's see if the charts also have a strong story.
In this daily bar chart of YETI, below, we can see the price action from late November when YETI went public. Prices are trading between the cresting 50-day moving average line and the rising 200-day line (only a small entry on the chart as of now).
The daily On-Balance-Volume (OBV) line shows a decline from early May and a lower high in July even though prices made a higher high. This is a bearish divergence but I am not sure it is meaningful.
The Moving Average Convergence Divergence (MACD) oscillator also made a lower high in July than April and has crossed below the zero line for an outright sell signal.
In this Point and Figure chart of YETI, below, we can see a possible downside price target of $24.
Bottom line strategy: These two charts of YETI (above) show a little weakness but not enough to worry me. A dip to $24 on YETI could be a buying opportunity for traders willing to risk a break of $22.