The Beachbody Company Is Getting Pinched Between Support And Resistance: What's Next?

The Beachbody Company Inc. BODY shares are trading lower Friday, although there looks to be no company-specific news to explain the price movement. Retail traders could be the reason the stock is seeing movement today.

The Beachbody Company was down 2.2% to $6.79 at last check.

The Beachbody Company Daily Chart Analysis

• The stock looks like it could break out of what technical traders call a falling wedge pattern in the coming days.
• The price has been falling and condensing between narrowing highs and lows and possibly nears the area where it could break out of pattern support or resistance.
• The stock trades below the 50-day moving average (green), indicating recent sentiment in the stock has been bearish.
• The 50-day moving average may hold as a possible area of resistance in the future.
• The Relative Strength Index (RSI) has trading sideways under the middle line. The RSI sits at 38 now showing there has been more selling pressure than buying pressure in the stock in the past few weeks.

What’s Next For The Beachbody Company?

Bullish traders would like to see the stock break above the pattern resistance and move higher. A breakout could let the price see a nice bullish gain. Bulls would then like to see the price consolidate for a time before another leg up may be possible.

Bearish traders would like to see the stock fall below pattern support. This may allow the stock to see a further push downward. Bears would then like to see the stock consolidate for a time to possibly make a further bearish move.