NTNX (Nutanix Inc) is a top 10 holding in IWM that looks to offer an objective short entry on a break below this bearish rising wedge or under today’s low of 55.06 to minimize the chance of a false breakdown. As Murphy’s Law would have it, the stock reports earnings tomorrow after the close. As such, I am only passing this along as an unofficial trade for now as the risk of being caught on the wrong side of a post-earnings gap always makes entering a position in front of earnings a gamble.
NTNX daily May 23rd
With that being said, the bearish technical posture of the stock indicates that regardless of how bullish their earnings report & guidance might be, the odds favor at ~15% drop in this stock in the coming weeks+, even if it gets a post-earnings pop.
Despite the fact that a post-earnings gap can go either way, I figured that this setup was compelling enough to pass along for those interested as well as the fact that the stock still might offer an objective short entry on Friday after the earnings report is out of the way.