TDOC waiting on a long entryIf you have been following me on StockTwits you know that I traded into July Earnings. After a nice pop to $30 to retest the top of its trading range it’s been shorted back towards the bottom of its trading channel.
To be clear NOTHING about this chart is Bullish except for the fact that it has previously bounced in the $21.50-23.00 area. I am not seeing any new options trades of interest, darkpool data or insider trades to support a long entry. Per FinViz the Short Float / Ratio is 16.97% / 5.27.
TDOC next reports earnings on or around 10/25/23. Other potential catalysts could include spinnout, merger, takeover news.
Based on past trading patterns I would expect traders will be looking add long positions in the $22 area with a target at the top of the trading range around $30.