On August 26, FLDM was trending towards a break of 2 year high. Coincidentally, news is released regarding a saliva test being approved by the FDA. The shares gapped up huge. Soon thereafter, the gap collapses to the support line of 5.54. From that support level , the stock continues to trend upward along with the overall market. It retests 8.82 on no news, before falling back and pinging off the $6.72 level. Stock starts trending upward again, and then today, September 29, good news again regarding Covid testing being completed leading to a 4% boost. Now, stock is set to break through the $7.70 volume node, which, coincidentally lines up with a trend line through the previous highs.
Watch tomorrow's chart setup for potential entry points. High probability day trade setup, with potential swing trade if continues to trend up. If the stock starts to consolidate while staying on the right side of the trend, then consider adding size.
Pull the parachute if the stock can't break past the trendline.
Watch tomorrow's chart setup for potential entry points. High probability day trade setup, with potential swing trade if continues to trend up. If the stock starts to consolidate while staying on the right side of the trend, then consider adding size.
Pull the parachute if the stock can't break past the trendline.