Stitch Fix Inc. (NASDAQ:SFIX) shares were trading much lower Wednesday after the company reported its fiscal first-quarter 2022 financial results and issued guidance below estimates. The company reported a quarterly earnings loss of 2 cents per share, beating the estimate for a loss of 14 cents per share.

The company reported quarterly revenue of $581.2 million, beating the estimate of $570.95 million. Stitch Fix said it expects fiscal second-quarter net revenue to be in a range of $505 million to $520 million versus the analyst estimate of $584.7 million.

Stitch Fix was down 22.71% at $19.30 midday Wednesday.

See Also: Why Stitch Fix Shares Are Tumbling

Stitch Fix Daily Chart Analysis

What’s Next For Stitch Fix?

Bullish traders are looking to see the stock bounce back and start to push higher once again while forming higher lows. Bulls want to see the stock push back into the pattern and then break above pattern resistance, possibly seeing a breakout and a trend reversal.

Bearish traders are looking to see the stock continue to fall lower. Bears look to be in control of the stock as it has fallen below support and trades below both moving averages.