ABEO trade ideas
ABEO Short!?NASDAQ:ABEO
Today ABEO 2.25% went up $0.40, during the rally it touched the weekly resistance and finally fell after a couple of tries to break through it.Rejection took about an hour, and it showed how eager the buyers were. I have to admit the resistance is strong and now with today's move, it got much stronger. Many attempts but failed. ABEO 2.25% has medium floats, around 40M. Therefore, if buyers get together, they could break through the resistance. Yet, the short side also is fascinating too. Why not!? While blogger sentiment is bullish as well as Thomson Reuters -2.08% , I'd like to give it a chance with a short position if I could get the entry. Rate of return for a year is 255%. WoW!
I'd love to see ABEO 2.25% rally again to its resistance, but now in short-term, I want to look for a short position. Price is way overextended and perhaps to gain the momentum for the next rally it'd need to meet some lower levels. However, it'd be prudent to put very tight stop-loss if you think you want to short this stock close to resistance cause if the buyers get through it, ABEO 2.25% will fly to higher levels very quickly and squeezes all the shorts. Yeah, Volume has raised for past three days maybe it's about time to get some breath. I don't think there gonna be any demand around $18.90-$19.00 area very soon.
You can see the areas of the value on my chart, those two boxes. Priced stayed balance in those boxes till either the buyers or sellers pushed it out, however, as you can see it came back again to balance zone quickly after few days. I think it takes some time for buyers and sellers to get into the agreement that price needs to go higher. Therefore, there should be another bear move as the buyers probably going to sell as well as shorts look for position around resistance area .
Best of luck,
Benjamin, Stopwatch on StockTwits.
Abeo: daily breakout. Daily and 60min timeframe breakout chanel. Abeo: long position, hoping weak open, hold support, higher high....perking to max day before. Entry above max day before
Watch $ABEO For A Breakout To The UpsideABEO is on my radar as a stock to watch. Recently it broke out of its consolidation range and has come back to retest. The large volume spikes (green) show likely institutional accumulation and I don't think the stock will trade much under $15.00. Watch for a "trip it to rip it" down near $15 and from there I will be looking to take a shot on the long side with some March calls. $20 strike.
ABEO Triangle Building PressureBeautiful Pattern shaping up. If triggered bullish targets are blue, green and pink areas. Possible 4th wave ending/ 5th wave explosion higher
- Long potential Watching for long, if it breaks resistance at 5.25, we would look for a long.
You can check detailed analysis on ABEO in the trading room/ Executive summary link here-
www.screencast.com
Time Span- 31:30"
Trade Status: Pending
