YETI Holdings Inc. (YETI) may have peaked.
Let's look at the charts and indicators.
In the daily candlestick chart of YETI, below, we can see two bearish candles patterns -- one on Monday and another today. Prices have more than doubled from their December low, but volume is off from February and momentum is showing a bearish divergence.
The daily On-Balance-Volume (OBV) line does make a new high this month, but that suggests buyers have been more aggressive recently. Normally this condition is bullish, but in this instance we may have a number of recent longs who are stuck with bad positions which they could be forced to dump in the days ahead.
In the lower panel is the 12-day price momentum study, which shows a slightly lower peak in March versus February -- this is a bearish divergence when compared to price which has made a higher high.
In this Point and Figure chart, below, we can see an upside price target for YETI, but also that a reversal could be occurring with no nearby support seen.
Bottom-line strategy: If you are long YETI from lower levels, consider reducing your exposure and booking profits.
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