During Monday's Mad Money program host Jim Cramer told viewers that Planet Fitness (PLNT) was one of the last fitness players still standing, meaning it was going to benefit from smaller gyms that had closed during the pandemic.
When we looked at PLNT back on Jan. 6 we wrote that, "People may be returning to their favorite gyms but the charts of PLNT suggest a decline in the weeks ahead. Take your pulse and stand aside for now." Prices declined into the end of January but made a recovery in February.
Let's check the pulse of the charts again.
In this updated daily bar chart of PLNT, below, we can see choppy trading the past three months. PLNT has traded between $72 and $90, crossing below and above the 50-day moving average line.
The On-Balance-Volume (OBV) line shows uneven weakness from early January telling us that there is an up and down trend towards more aggressive selling. The Moving Average Convergence Divergence (MACD) oscillator has been crossing the zero line a number of times -- not the picture of strength.