Zynex Inc. (ZYXI)

[UFO]

Nothing to worry about here yet. What you're looking for is the stock to continue making higher lows on corrections. The previous correction low was $8.01 back on 8/12. Today's sell-off, so far, has broken the 50-day sma, but there's BIG support just below at $8.50. A day like today isn't unexpected, what with the NAZ down 200. The thing that's most concerning to me is during the recent rally the highest the stock could get to was $11.35...40 cents below the all-time, double-top high of $11.75. A "lower high" is NOT a sign of strength. Just me, but if I was still long $ZYXI I'd use $8.01 as a hard sell-stop. If it looked like the stock was going to close below $8.01 I'd take my profit and go to the sidelines. You can always re-enter when the chart looks more favorable. IMHO only.

UFO