My first blog post on Profitly... SWWEEEEEEEEEEEEEET! :)
This ticker is on Tim's watch list and I agree with his thesis that it is definitely a sketchy stock, maybe even manipulated!
I just took a quick look at the weekly chart and noticed the similar morning pattern over the last 5 trading days is relatively consistent with volume creating it.
It is VERY risky to go long on any stock like this even if you Dip Buy, especially with no news or positive earnings etc.
This stock has failed to break out decently every time bar the 11th November these last 5 trading days.
Will it drop and then bounce a little again come market open today(Wednesday 18th November 2015)?
The market will tell us and volume will be the only sign unless some crazy news release happens.
A possible trade here if it holds, but not easy on this one as it happens fast and with big blocks!
I personally prefer stocks with a catalyst that are more predictable.
I wouldn't trade this UNLESS it found decent support and broke out with strong volume.
Interesting to see this consistent morning pattern all the same and thought I'd share this. :)
@nathalietrades1 Thank you. I'm still learning like everyone else :)
@dfrias Awesome. Your bang on the money with price action :) . I've been away from my desk since I posted this article at 6:30am this morning. If I had seen the news release that was released at 7am I would have been prepared for the price action and waited for the break out at $4.20 and exited my position around $4.65ish. I'm still waiting for my trading account to be set up at the moment, but this is how I would have played it with my real money. Awesome trade for $460 for you... High Five :)
Here's Your catalyst that made this stock volatile today: http://finance.yahoo.com/news/anavex-announces-preparation-regulatory-filings-120000662.html
Typo... I meant $4.30 as my break out entry point!
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