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this is I heart media on the monthly chart and the upside on iHeart media is six dollars based on what was support is now going to be resistance however a break of this short-term weekly uptrend could see price revisit the all-time lows at sub two dollars and fifty cents so why are we talking about I heart media because Michael burry is making the company relevant this article is coming from Finn Bolt this Michael burry 2 million stock position has gone under the radar so we know in recent weeks Michael burry made headlines when he announced that he was shorting the U.S Equity indices last month the invest in World witnessed a seismic shift as legendary fund manager and investor Michael Berry revealed his new Big Short position against the stock market very who famously profited from shorting the U.S housing market in 2008 returned to the scene with a bold move shutting the U.S stocks through 40 000 put options with a nominal value of the contracts at 1.6 billion however his most recent investment which of three weeks ago was in iHeart media and that was worth 2.2 million now it has many people scratching their heads because as you can see from the chart I heart media has just been in the downtrend so is he catching a falling knife or does he see something that the rest of us don't see Birds move raise many eyebrows in the investing space considering that I heart media is a stock that plummeted around 45 percent in 2023 at the time of the writing the stock was trading at 3.32 cents per share up slightly at the market open however over the past week high heart media fell more than 10 percent and over seven percent on the month I heart media operates within what is often can characterized as a dying industry this additional layer of complexity adds to the uncertainty surrounding Michael burry's investment in the company prompting questions about his strategic reasoning speaking of Michael Berry's strategic reasoning let's go back to December of 2015.
he predicted a stock market crash in the following months but the S P 500 soar 11 gain in subsequent 12 months then in May of 2017 he predicted a new financial crisis yet the S P 500 recorded and 19 increase in the fall and 12 months then in September 2019 he forecasted a stock market crashed due to an index ETF bubble what this S P 500 gained 15 in the next 12 months in March of 2020 he perpetually held a bearish view but the S P 500 surged by 72 percent then in February 2021 he predicted significant stock market declines due to our speculative bubble yet the S P 500 increased by 16 in the subsequent months in September 2022 he forecasted further failures and that the lows hadn't been touched but the S P 500 performed positively with a 21 gain in January of this year he foresaw a recession and a new cycle of inflation yet the S P 500 achieved remarkable positive performance according to a post shared by Michael Berry's stock tracker I heart media is the largest operator of radio stations in the U.S notably the company owns and manages more than 850 live broadcast stations across over 150 markets throughout the country and has a significant digital presence throughout its I Heart Radio platform I heart media has seen as stock price collapse over the years losing more than 80 of its value since the company's public debut in 2019 when it was trading for 17 per share going back to the weekly chart not only do we have just wix has price moved up after breaking and closing below the short-term weekly uptrend you now see more selling wicks on the top of the candles and so forth to start the week we are red let's go down to the daily chart and that breach of the short-term weekly uptrend line was due to earnings they weren't so good in which we saw a gap in price and ago and then another Gap the following day now what intrigues me about the weekly chart is we do have a rally base and then another rally out so this is going to be the Line in the Sand for I heart media daily buyers at three dollars price hit this upper portion of the Zone not once but twice so there are definitely buyers defending the three dollar level however if this level gets breached the Zone gets breached look for price to continue to move down and fill that Gap at the 2.40 level
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