Long
ACB Gap Fill & Bounce
ACB has almost completely filled its gap (6.85) that it put in during their post-split short squeeze. With short interest being very high, Daily RSI in the low 20's, as well as an upcoming earnings which I believe expectations are already very bearish with the press release earlier this week, this could see a 1-2X move on the back of not so bad earnings and a huge short squeeze. Set a tight stop as you don't want to be holding the bag on this dead weight company.
Entry: 6.80's
Stop: 6.50 Psychological (~5% Loss)
Exit: Daily 12 EMA has been shorted the following day after every green close above it. Sell a portion of position once it breaks above & if no follow through then sell the rest of position.
**This needs to be an actively managed trade as it can run away from you quickly**
Entry: 6.80's
Stop: 6.50 Psychological (~5% Loss)
Exit: Daily 12 EMA has been shorted the following day after every green close above it. Sell a portion of position once it breaks above & if no follow through then sell the rest of position.
**This needs to be an actively managed trade as it can run away from you quickly**
Note
EDIT: Gap is filled at 6.88***Note
Moved stop up to low of Sep 15 as of 11:57 ET which is 7.05. Looking to confirm hourly uptrend.Trade closed: stop reached
Got stopped out for an incremental gain @7.05.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.