Looks like this broken stock found support around $32 and bounced off. Now, consolidates nicely above 8/21 EMAs. Break up and close above consolidation resistance at $38.20 can bring more active buyers with stop below $35.25 and target at $42.80. That makes this trade reasonable from Risk/Reward perspective and probability/ Overall market is bullish which can...
CAllled it short back in May ..as a cool hype runner IPO short play..worked out if you caught it. Where is goes from here,,who cares the play is over. Nice GMMA action all the way down....
SHAK insider sales 31M usd
Dec 11-16
To entry wait until pull back finish or wait price breakout fibo 127.2% @38.04 usd.
First target to take profit - fibo 161.8% or let profit run until bearish candle appear.
Stop loss when price close over 38.90 usd
SHAK has been moving steadily downward in a wedge pattern since the stock hit a high in May 2015. Although the price movements may ignore this wedge in the future and continue to trade in a limited range, there is a possibility we have a breakout to the upside or downside. That breakout, if sustained, will likely set the medium term direction of the stock.
This is not a buy recommendation but if you are in from recent note, the chance it moves toward $60 increases now, but a miss will punish towards $38.65 area. If u are long hedge your position with put options or if you short with call options which is very expensive. Market expects a move after earning either side 10%. Real-time alerts www.2waytrading.com
This gap today shook out some bullish traders. Hourly chart looks "fantastic". R:R is good. Let's see what happens. SHAK is notoriously hard to short (FYI)
We have exited our bullish swing trade already (before earnings) for a profit.
