MNMD Biotech Penny Stock SHORT SETUP
Updated
MNMDYj
This stock had a quick response to good earnings and
it is now at resistance with the RSI swing indicator
printing a Sell Signal.
The MACD, a lagging indicator, shows the signal
above the histogram without a K / D cross
not yet started.
I would like to take a short trade setting a stop loss
above the resistance zone and targeting 10%
to the POC line of the volume profile sitting above
the support zone.
Please comment and offer your opinion.
3
Trade active
Since the idea uploaded the stock went down $5 and the $1.00 strike put option went up 60%Trade active
Typical Biotech penny stock volatility - now on support so going long capture part of each move- 16% upside to resistanceTrade active
The $1.00 call strikes for next Friday dropped today from 17 cents to a penny.or a complete wipeout.
on the other hand the $ 1.00 put strikes opened at 8 cents and closed at 14.
That would be a 75% intraday profit.
This seems the trader has scalping skills and is fully attentive to price action.
This was a very bankable trade in and out over the course of the week
with a Friday crescendo !
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