What's going on guys welcome back to the channel and what we're talking about in today's video is one stock. You should probably be getting ready to sell short or locking some profits on if you've been long and that stock is p. L b y playboy: let's get into sharing the screen and going over this analysis, so you guys can follow along with the stop. So recently the stock plby has been going nuts.

What do i mean by nuts? Well, let's take a look at it. Here's the daily chart way overbought for those that are new to the channel. Pretty much put it this way whenever you're viewing my channel and we're analyzing stocks and you're. Looking at my screen, i have these cool trend lines on whenever the price of the stock is over the blue line.

That means it's way overbought and most likely getting ready to come down. So what we're recommending with the stock plby is that you should probably want to be a seller on the stock over the course the past couple weeks, it's been pumping up due to the nft craze if you're new to this really the whole nft thing is like Digital artwork and a digital footprint of what has been on the internet and then it's selling as art. I might not even explained it well enough. Who cares doesn't even matter long story? Short playboy plby has been running up due to the fact this whole nft, craze and them selling pictures of old playboy pictures of naked women sounds great.

I kinda want a few that being said, most likely gon na see the stock coming down. So let's go over an analysis and give you guys sort of an expectation as to what you will see not maybe not problem most likely. This is what you will see. Okay, we recommended this morning on our pre-market watch list to be short, biases stock.

We started shorting plby this morning, pre-market and so far we are down so first we're going to look at this one-year day chart the minimum minimum price target from when we started shorting. The stock pre-market today minimum target is 36.90. Of course we want to go lower to 36.90 and it is going to go lower than 36.90 okay, so our first target is down to 36.90, followed by a second target which is down to 34.49. So if, in the event, this stock is meant to sustain near its highs and not go through a full-on crash, then we would expect it to probably hold around 34.

If this thing is meant to fully crash out, then of course it's going to go well below 34, but the way that we view this is anytime. The price is over the blue line. There's a 99.7 percent chance that the stock is going to come back down below the blue line. So today, when we're viewing plby and the stock is trading all the way up at 44, bucks which is currently um for it's currently eight dollars over trend.

There's a 99.7 chance: the stock is going to revert back below that blue line, which means it's gon na fall by a minimum of about eight bucks. So that's why we decided to be short in the first place, so there's a 99.7 chance that over the next week, or so you will see plby back down below the prices of about 30. You know what is this 37 36 and maybe closer there to the 34 price point all right. What we can see as well before it goes lower, is a hold all right, because each one of these lines represents support and resistance, depending on the direction they're coming into.

So pretty much put it this way any time the stock is going into one of these lines. It will be respected as support or anytime. It's running up to one of those lines. It will be respected as resistance okay, so, as the price of plby decreases down to 36 the day that it gets there intraday or even for the day, it might hold around the 36 and even bounce a little bit and then the following day or next.

Two days after it'll roll down below so as the price of plby gets to 36, we're expecting that there's going to be a little hesitation, maybe a slight bounce on the day that it gets there and then, after that bounce concludes sellers come in and sell the Top of that day's bounce we're going to see this market move lower back to 34., so right now, minimum target on the current short is going to be um 42 or is going to be that 36 price, so we're already short, i started short only holding 100 Shares right now, positions up, you know to 6.75, so that's great um and we're going to continue to remain short here on this stock. So, as we said plby, this is something you're going to want to keep on your watch list as a stock. To currently sell be short on be bearish on, but not long. The momentum has ran its course.

It's overhyped, the nft craze, is slowly fading out. We expect this market to probably unwind, so i hope you guys liked the video hope you learned something new. Hopefully, you guys can take advantage of plby and i'll see you guys on the next video make sure to hit the thumbs up subscribe, hit the notification bell, so you don't miss a video and, like i said thanks again for tuning in take care.