$HIMS

What a difference a couple of hours makes, this was +3% in the PM.

$HIMS got the full Wall St treatment today, more than usual for $HIMS but what do we do when there is a sell off like this?

• We assess the fundamentals to see what has changed for $HIMS

• We check the Technicals to see where support is

BofA said that 10% of their growth may be affected from $AMZN entering this sector and their leveraged position will be lower, I do not believe a -25% drop merits this conclusion

$HIMS itself has not changed, there is no update from the company, they updated their guidance last week during their earnings report and their team are fully aware of the threat from $AMZN, they still expect to hit targets, fundamentally the company has not changed and even with a 10% hit, the share price could hit $40 in this impulse wave on this hit.

Technically, yes the $25.40 level was immediately lost at the open, so is the Wave 3 Impulse wave that I shared earlier today invalid now?

No.

We can still be in Subwave 2 of Wave 3, in Primary Wave 3.....yes there is a lot in this but that's what I am here for, to digest this movement.

So where is support?

The pull back today went within $0.30c of the 0.618 Fib from the Low at the end of October to the $30 high yesterday and has so far held, the 50 Day MA is also here around $20.

We can also see that the 0.78 Fib is aligning perfectly with the 200 Day MA at $17

So this tells us that the price action is aware of the significance of these levels.

This is another example to show that when the price drifts too far from the 50 Day MA....it always reverts back to the 50 Day MA to test.....this is also one of the main reasons why I trimmed $PLTR today, the breath is too large there.

Conclusion:

We need the bleeding to stop, we did add today at $23 and I am happy with this, holding above the 0.618 Fib at $20 and the 50 Day MA and we are back to where we were on the 6th of November.

Losing $20 and the 200 Day MA is in play at $17, the impulse wave is still valid at this level too.

I am holding unless the fundamentals or technicals change and they have not for me right now.