Planet Fitness Inc. (PLNT) is rallying Friday on the idea that President Trump's plan allows gyms to reopen in the first phase, if they adhere to strict physical distancing and sanitation protocols. I haven't been in my local Planet Fitness for over a year but using only maybe one-third of the equipment is not going to be a winning approach to regaining membership, in my opinion.
Let's check out the charts.
In this daily Japanese candlestick chart of PLNT, below, we can see that prices are trading below the opening Friday (red candle). Upper shadows above $55 suggest a rejection of these prices by traders.
The trading volume has been light so far this month and the On-Balance-Volume (OBV) line has barely edged out a new high for the move up. The 12-day price momentum is fading. This is not what I would consider a robust picture.