Opendoor Technologies Inc. (NASDAQ: OPEN) shares took a hit on Wednesday, sliding after the company reported its second-quarter results on Tuesday and issued third-quarter sales guidance that missed the mark.

The home-flipping platform posted a quarterly loss of three cents per share, which was better than the seven-cent loss analysts had predicted. Revenue came in at $883 million, beating the Street estimate of $666.54 million by a solid 32.48%. But here's the catch: revenue was down significantly from the $1.57 billion the company brought in during the same period last year.

CEO Kaz Nejatian was quick to address the company's financial outlook following the release. "For three quarters, I've been saying Opendoor will be ANI positive on a 12-month go-forward basis at the end of this year," Nejatian said. "You no longer have to take my word for it. Run Q2 forward. At current contract volumes and unit economics, and with our existing cost base, we will generate positive Adjusted Net Income as those acquisition cohorts flow through to resale."

That's a bold promise, but investors seemed more focused on the near-term guidance. Opendoor said it expects third-quarter sales of $1.098 billion, which falls short of the $1.132 billion analysts were looking for.

Technical Levels To Watch

From a chart perspective, OPEN is in a tough spot. The stock is trading below every major trend gauge, sitting 10.2% under its 20-day simple moving average (SMA) of $4.24 and 30.7% below its 200-day SMA of $5.50. That keeps the longer-term bias pointed down. The 20-day SMA is also below the 50-day SMA, which isn't a great sign.

MACD, the momentum indicator, is telling a similar story. It's below its signal line with a negative histogram, suggesting that upside pressure is fading compared to the prior upswing, unless buyers can reclaim that baseline. Zooming out, the death cross from March (when the 50-day SMA crossed below the 200-day SMA) remains an overhang. The stock is still trying to recover from the swing low set in July after failing near a swing high in June.

Here are the key levels to keep an eye on:

• Key Resistance: $4.49 — near the 50-day SMA, a common "line in the sand" for trend sellers on rebounds
• Key Support: $3.77 — current price area, where a break could keep the stock pinned below short-term averages

OPEN Price Action: Opendoor Technologies shares were down 6.43% at $3.85 at the time of publication on Wednesday.