Ascending Triangle Breakout - BOOM Massive Short SqueezeAscending Triangle Breakout on 2hr chart in the context of a short squeeze above 42.60 - plz see prior post
Catalysts (from Reddit) www.reddit.com
1 Nomura Earnings 27 April
Nomura is the last of the big banks with Archegos exposure to report earnings. This will inform hedge funds that the risk of big banks unloading millions of VIAC shares is over. Hedge funds will be more willing to take a heavy long position on VIAC knowing that they won’t buy in right before a big dump of shares.
2 Discovery Earnings on 28 April
Discovery recently filed with the SEC to move their earnings forward a week. The most likely reason for this is the company beat guidance and management wants to defend the share price. This is bullish for VIAC for two reasons. First, it suggests there is significant growth within the streaming market. Second, Discovery has been trading with a high correlation with VIAC since the Archegos fallout, so good news from Discovery would portend well for VIAC’s share price.
3 Wash Sale Rule 30 Day Expiration
The wash sale rule allows you to take a tax loss on stock as long as you don’t buy back the same security for 30 days. Most of the Archegos sell off occurred in late March. Firms are now entering the the time where they can load back up shares, take a tax loss and still be long on stock. Because of the high price target many of the firms set for VIAC, they will want establish exposure to the stock before earnings on 6 May.
