BLUE- a biotechnology earnings penny stock LONG
Updated
BLUE a week ago had a bull run to gain 90% in 5 days and then reversed into a standard
Fibonacci retracement on the 30-minute chart, then in consolidation for a day or two getting
support from the mean anchored VWAP. The last trading day was a quick rise with momentum
in a bull flag. Earnings are coming. I will take another long trade on BLU into earnings. My
target is 1.90 about the high of the prior trend up and below the second VWAP line above
the mean. A tight stop loss at 1.53 ( below the flag's consolidation) will make it more likely the
trade will be a 20% winner. I have taken call options strikng $1.50 for March 15th for $20 each.
or a small loss of 2-3%
Fibonacci retracement on the 30-minute chart, then in consolidation for a day or two getting
support from the mean anchored VWAP. The last trading day was a quick rise with momentum
in a bull flag. Earnings are coming. I will take another long trade on BLU into earnings. My
target is 1.90 about the high of the prior trend up and below the second VWAP line above
the mean. A tight stop loss at 1.53 ( below the flag's consolidation) will make it more likely the
trade will be a 20% winner. I have taken call options strikng $1.50 for March 15th for $20 each.
or a small loss of 2-3%
Trade active
On a higher time frame with the chart set at weekly, BLUE appears to be in a fallingwedge pattern with price currently near to and rising from the support trendline.
Trade active
Added 25% after a drop awaiting the general market to move higher from the downturn.
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