Further Trouble Ahead for Donald Trump's Media Company
Trump Media Technology Group has seen stark declines in revenue and the share price appears to be headed for more losses.
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Trump Media Technology Group DJT is a media and technology company best known as the owner of Truth Social and for being primarily owned by former president Donald Trump.
The company reported that its second-quarter revenue plunged 30% to under $900,000 and the stock is trading lower Tuesday.
Let's review the charts and indicators for a closer look.
In this daily bar chart of DJT below, I can see that prices have weakened steadily from the middle of July. Prices are trading below the declining 50-day moving average line and below the cresting 200-day moving average line. The On-Balance-Volume (OBV) line shows a declining pattern since the middle of July and suggests that traders of DJT are now being more aggressive sellers than buyers. The Moving Average Convergence Divergence (MACD) is in a bearish alignment below the zero line.
In this weekly Japanese candlestick chart of DJT below, I see a mixed-to-bearish picture. Prices trade below the declining 40-week moving average line. The weekly OBV line has weakened since mid-July. The MACD oscillator has moved below the zero line for an outright sell signal.
In this daily Point and Figure chart of DJT below, I can see that the software is projecting a possible downside price target in the $5 area.
Bottom line strategy: Prices are pointed lower. Prices look like they are headed for a retest of the $20 to $15 area and the Point and Figure chart suggests a decline to $5. Avoid the long side of DJT.
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