ACB has almost completely filled its gap (6.85) that it put in during their post-split short squeeze. With short interest being very high, Daily RSI in the low 20's, as well as an upcoming earnings which I believe expectations are already very bearish with the press release earlier this week, this could see a 1-2X move on the back of not so bad earnings and a huge short squeeze. Set a tight stop as you don't want to be holding the bag on this dead weight company.
Entry: 6.80's
Stop: 6.50 Psychological (~5% Loss)
Exit: Daily 12 EMA has been shorted the following day after every green close above it. Sell a portion of position once it breaks above & if no follow through then sell the rest of position.
**This needs to be an actively managed trade as it can run away from you quickly**
Entry: 6.80's
Stop: 6.50 Psychological (~5% Loss)
Exit: Daily 12 EMA has been shorted the following day after every green close above it. Sell a portion of position once it breaks above & if no follow through then sell the rest of position.
**This needs to be an actively managed trade as it can run away from you quickly**
Comment:
EDIT: Gap is filled at 6.88***
Comment:
Moved stop up to low of Sep 15 as of 11:57 ET which is 7.05. Looking to confirm hourly uptrend.
Trade closed: stop reached:
Got stopped out for an incremental gain @7.05.