Here are the reasons why I am shorting $WING

I am shorting WING via Put Options expiring in July 2024.

Here is why:

- Overbought chart with RSI bearish divergence on the daily
- Retail activity increased more than 100% compared to D-7, D-14 and D-28 === FOMO
- Price closed green for the day, 7 days in a row
- On the 21st of Feb, the company released very good earnings but the price dropped -4.36% despite the good news and good forward outlook == news failure ; later last week, the price rallied back up (so did the entire market) but it looks to me like an exhaustion rally illustrated by a potential exhaustion gap printed on Thursday (daily chart).
- At the time of writing this idea, the company's PE ratio is 144.80 according to Yahoo Finance which is beyond extended...

AND VERY INTERESTINGLY >>

- On Friday, while the market rallied and retail investors were pouring in from all sides: INSIDERS SOLD SHARES including the CEO (about 11000 shares) and 2 Directors (about 2500 shares). Why would 3 different insiders sell during the biggest rally of the year, at the same time?

Those are the reasons why I am short, and will continue to add to my short at any price increase.