Office Depot $ODP was bearish entering 2018, but was able to anchor above $2.00 last year. Throughout the year, it looked like it was going to set up a price bottom above $2.00, but needed price to break above $3.50. In 2019, price did break above $3.50, which established a bottom. However, today's price action returned ODP below $3.00, and threatens to put pressure back to the $2.00 low from 2018. The plunge during the 4/4 session followed a disappointing estimate of its Q1 (ending March 31) earnings. Here's a quick excerpt from streetinsider.com:For the first quarter of 2019, the Company expects to report revenue of approximately $2.76 billion and adjusted operating income1 of approximately $65 million. The primary driver of the anticipated first quarter 2019 results was lower than expected operating performance at the Company’s CompuCom division. (**Street sees Q1 revenue of $2.82 billion)...Read more at Office Depot (ODP) Prelim. Q1 Revenue Misses Consensus (streetinsider.com)ODP Daily Chart(click to enlarge)Failed Bullish Breakout:- On the daily chart, we can see that price never really took off after breaking above the $3.50 resistance. - Instead it formed a double top under $3.80. - Today's estimate further soured the bullish mood, and the market sold ODP sharply back below $3.00. - This failure to build a price bottom can cause a loss of confidence that will put pressure on the $2.00 low.- If the $3.00 level starts to become resistance and the RSI also fails to climb back above 60, we should have more reason to believe this bearish outlook.