Stocks - SPRT Short Aug 31 CapitulationIdea for SPRT:
PVVol:
- Excess rejected outside of daily BB, relief rally stuck on 4H BB resistance.
- High Volume rejection, fading volume on relief rally.
- Highly volatile 'Final Grand Rush' with rejection.
Structure:
- Wyckoff Distribution structure, BC UTAD made. Now at possible LPSY, shorting at LPSY is favored to UTAD.
- ML diamond both rejected the relief rally, with bearish wicks (high weight).
- Gann channel rejections in confluence.
- Price has created a symmetric triangle at a gamma pin level. Many times this will be done to paint the 'bull flag', but more often than not it will bleed out at this point.
- Contradictory 0.5 fib level support.
Fundamental:
- IWM/Risk expected to sell-off (+bias).
- High IV and call sweep (high weight), but not expecting new highs.
- Highly shorted, short float 40.99% Shs Float 15.08M (high weight). In this case, try the puts, never short.
Timeframe:
- Expecting next wave down Aug 31 which will reach PT: 19.
Long Sept 17 38P 14.10 debit
Wyckoff on extended hours:
GLHF
- DPT
Supportcom
SPRT Support COM to be acquired by bitcoin mining company The provider of technical support services and cloud-based software Support COM announced a deal to be acquired by bitcoin mining company Greenidge Generation Holdings Inc. (marketwatch.com).
Market Cap still low, 141.851M
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