Jim Cramer told his "Mad Money" viewers Thursday that there is a new long-term bull market brewing in the secondhand marketplace and it's time to compare the players and pick a winner. The contenders include Poshmark (POSH) , ThredUp (TDUP) and RealReal (REAL) , along with Etsy (ETSY) and the king of secondhand goods, eBay (EBAY) .
Cramer said with 42% revenue growth, his favorite in the space is PoshMark.
Let's check out the new charts and not some gently used ones.
In this daily bar chart of POSH, below, we can see that prices have been under pressure since the start of trading. Prices made a low in May and a bounce but are back down again near the lows. POSH is trading below the downward sloping 20-day and 50-day moving average lines. The On-Balance-Volume (OBV) line is pointed down and so is the Moving Average Convergence Divergence (MACD) oscillator.
In this weekly Japanese candlestick chart of POSH, below, we can see a glimmer of promise. The latest candle pattern is a doji and it could be the start of a possible reversal pattern. It is still early and we would need to see some bullish confirmation. There are two smallish lower shadows below $35 in May that show some rejection of the lows. The weekly OBV line is bearish.
In this daily Point and Figure chart of POSH, below, we can see a potential downside price target in the $27 area.
Bottom line strategy: The candlestick chart of POSH is showing some promise but the Point and Figure chart is pointing to new lows. Let's watch, wait and see how things play out.