Update: WIX Showing Technical Support

(Published Aug. 9, 2017)

We took advantage of this morning’s drop in recent name Wix.com (WIX) as the market weakness on concerns of North Korea were dragging down most names at the open.

WIX shares were trading under $55, so we moved to initiate a long position here. A bounce above $55 would demonstrate the support area is holding on the first test and buyers are beginning to see the value and oversold nature of this long-term name.

WIX is down nearly 30% in just a few weeks on results we feel do not show a fundamental weakness, let alone change from its long-term growth story.