Chegg started August hot, up over 150% from its March lows and "very, very overbought on a technical basis," Maley said. Shares are down about 7% since and have now worked off their overbought condition, both positive signs, he said.
"Whenever you break a neckline of a head-and-shoulders pattern, that's one of the most bearish developments you can see," he said. "I will say, though, a failed head-and-shoulders — in other words, when you bounce off the neckline — is one of the most positive moves you ever see in technical analysis. So, we're kind of at a key level right now."
Another stock Maley had his eye on was Pluralsight, a company offering virtual training courses for a variety of technical and creative skills.
TradingNation Chegg needs to step up in the customer service department if it plans to stay afloat.
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