Hyped stock up roughly 55% over the lat 5 trading session that distributed all day per Friday intraday volume pattern. Reversal doji on the daily chart. Without an ample chart history to rely on tough to make predictions but the overall trend is down. Always trade on the side of the long-term trend.
No revenue, no income, and dwindling retained earnings every quarter. With only 3 mil cash in the bank I wouldn't be surprised to see an offering to take advantage of this absurd & undue stock price. What's more, there's fear among investors after the big sell off all the way down to 5.02 on Friday after hours. Closed with a meeting line reversal candle.
Smart buyers will be looking to sell or take profits and amateur chasers will have to follow suit. Currently trading around major multi-month resistance and has a history of selling off hard and fast after reversing. Shares to short will be hard to secure and the borrow rate is currently 125%.
A manipulated rally that, based on its volume pattern and failure to make a new high on Friday, is likely to reverse and roll over next week. Sympathy driven rallies are never sustainable. Currently trading around major multi-month resistance in the mid to low 8s and has a history of selling off hard and fast after reversing.
Another dreadful low float stock up on manipulation and squeezing. Watching the ascending wedge and volume, and for support to crack @2.33. Borrow rate is currently 105% so I will only consider taking this trade if the perfect entry presents itself. (See last blog post.)