Correction Due
Updated
Having Ocugen shorted has been one of my finest deals deals this year.
I was lucky enough to stay short until now.
But now I think that it's time for a correction. Not long ago there was a lot of buying phantasy among analysts and dealers. They have been disappointed.
What is the situation now? I think that the market is almost clean now. Disappointed traders have sold or were stopped out. Many of those who had bought after the gap on March 20th shall have sold as well as there hopes have not come true and may have vanished after a double top. To avoid loss even the latest may have sold today in fear that the March window might to be shut. Remain those who have bought in January and February. They have made good profit. But due to the heavy fluctuations in February and the double top this month many of them shall have taken profit over time not willing ti lose the good profit.
Due to the pressure this month the SEC has forbidden short selling of the stock, i.e. there shall not be many short position that may have to be covered.
That is why I think that the market is almost balanced now and open for fresh ideas.
SEC's ban of short selling is still valid and 1.28-1.35 is a resistance zone strong enough to halt the fall here having been the top on February 20th after the begin of the rise an then having been the bottom of the trading range before April 8th when markets became disappointed and fell.
If this zone will hold tomorrow we may see a new buying wave. Option traders may be willing to sell puts below the open window.
I was lucky enough to stay short until now.
But now I think that it's time for a correction. Not long ago there was a lot of buying phantasy among analysts and dealers. They have been disappointed.
What is the situation now? I think that the market is almost clean now. Disappointed traders have sold or were stopped out. Many of those who had bought after the gap on March 20th shall have sold as well as there hopes have not come true and may have vanished after a double top. To avoid loss even the latest may have sold today in fear that the March window might to be shut. Remain those who have bought in January and February. They have made good profit. But due to the heavy fluctuations in February and the double top this month many of them shall have taken profit over time not willing ti lose the good profit.
Due to the pressure this month the SEC has forbidden short selling of the stock, i.e. there shall not be many short position that may have to be covered.
That is why I think that the market is almost balanced now and open for fresh ideas.
SEC's ban of short selling is still valid and 1.28-1.35 is a resistance zone strong enough to halt the fall here having been the top on February 20th after the begin of the rise an then having been the bottom of the trading range before April 8th when markets became disappointed and fell.
If this zone will hold tomorrow we may see a new buying wave. Option traders may be willing to sell puts below the open window.
Trade closed: target reached
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.