WKHS is setting up for a short ( again) OR could it reverse ?
Updated
WKHS is a mong the weakest of the EV stocks. On the 15 minute chart it has been trending
down in a descending channel. There has been substantial volume on the bearish only volume
profile albeit at higher prices. A small spike of selling volume while price is near to the upper
( resistance) trend line of the channel tells me that WKHS may move lower. Most of the time,
it is difficult to short a penny stock below $1.00 depending on the broker. The selling volume
tells me there are short trades underway. My idea however is to look for a reversal so long
and watch for a short squeeze to add into the rising price with more position. Probably will
not happen but it goes onto the watch list.
down in a descending channel. There has been substantial volume on the bearish only volume
profile albeit at higher prices. A small spike of selling volume while price is near to the upper
( resistance) trend line of the channel tells me that WKHS may move lower. Most of the time,
it is difficult to short a penny stock below $1.00 depending on the broker. The selling volume
tells me there are short trades underway. My idea however is to look for a reversal so long
and watch for a short squeeze to add into the rising price with more position. Probably will
not happen but it goes onto the watch list.
Trade active
Since WKHS looks to be in an early breakout I took a long entry today. Watching forprice action validating the trade and then moving the stop loss higher if price action
allows it.
Trade closed: stop reached
WKHS faked me out with a dead cat bounce. Closed long went short.Trade active
Watching only. HH and HL suggest a reversal will be checked further after the morning price action next Monday. No revenge trading allowed.Note
Watching only. Looking for a descending channel breakout with confirmation. Upon that enter with a target of 0.29 ( 10-15%) setting a stop at 0.015 -.018 below thelimit entry 0.01 above market for slippage protection on the order flow.
Note
Shares added at 0.33 in the pullback earlier today near to the mean anchored VWAP.
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