- Q3-2023 report shattered the price action.
- TBI stock slid about 27.16% over the past month.
- TBI stock price traded at $10.70 with a loss of 21.67% during the past intraday session.
Trueblue Inc. released its degraded third-quarter report on Oct 23, 2023. After the report release, TBI stock witnessed a sudden fall in price action, denoting an increase in the bearish sentiment in the market, which caused a sudden drop of roughly 26% in the past week.
On Oct 23, the stock price was hovering near the $13 mark, with a high and low at $14.05 and $13.61, respectively. The poorly performing Q3 financial report encouraged the sellers. Hence, the very next day, the mass participation of bears melted the price below the $10 mark.
Currently, the TBI stock price is closed at $10.70 while witnessing a decrease of 21.67% in the pre-market trading. However, the recent fall assisted the annual low at the $10.15 support level, which is a positive sign for the market bears. Moreover, the long-term descending channel pattern deflected the yearly returns.
The year-to-date and three-month returns show opposing results of 45.57% and 28.43%, respectively, indicating that Trueblue Inc. (TBI) stock is performing down and out in the 2023 fiscal year. However, 2020 and 2021 were bright years for Trueblue. In that period, it gained an astonishing 170%.
Q3-2023 Report of Trueblue Inc.
The third quarter financial report of Trueblue Inc. reflected a loss of 31.81% in earnings per share (EPS) and was down by 3.21% in revenue. The unsatisfied Q3 reported revenue of $473.20 Million failed to meet the estimated forecast of $488 Million. Meanwhile, the reported EPS of $0.16 shows the same negative outcome as compared to the estimated forecast of $0.23 EPS.
The recent projectile dropped the price immensely, and the stock price is now hovering near the $10 mark. If the bearish momentum remains constant, the price might melt towards the $9.00 mark. On the other hand, if bulls take control and the price jumps at the previous candle’s high. Then, there is a high possibility that the price retests the significant support level of $13.50.
Will The Bearish Momentum Sustain?
Trueblue Inc. (TBI) stock price is hovering below the 20, 50, 100, and 200-day EMAs, indicating heavy involvement of sellers in the past few days. In order to retest the short-term moving average, Trueblue has to attract more buyers in the upcoming sessions.
The Relative Strength Index of TBI stock price was at 14.41, suggesting an increase in the participation of sellers in the market. The RSI has slid down from the 50-neutral zone since Oct 17, 2023, which was caused by the bearish dominance in the previous week.
Conclusion
Trueblue’s market structure and price action show vigorous dominance of bears in the market over the past week. Moreover, the Q3 report release assists the ongoing bearish momentum. Technical parameters favoring the seller’s side due to the sudden fall. However, the company has to attract a large amount of buyers in order to escape the descending channel pattern.
Technical Levels
- Major resistance: $20.85 and $20.32
- Major support: $13.52 and $10.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.