Inside 12631 a few moments ago, I went long biotech firm SQNM at $4.47 entry for a 3/4-sized position. My stop-loss is below $4.30.
The stock has been basing rather tightly over the past few weeks and is loaded with short-sellers. If the trade is proven correct, a vicious upside squeeze can materialize. I probably will not consider adding to the position unless and until it can clear $4.75. Note the pattern of lower highs but also higher lows in recent months. Eventually, this disagreement resolves one way or the other.
The next earnings are scheduled for July 22nd.
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Interesting One…
I having thoughts of selling the July 4.50 for .11 simultaneously and should I get called out by 7/19 I’ll garner 4% on my money in about 10 days and besides the .11 also offers a little downside protection.
I’ll have to consider.. thanks for the chart.
Don’t like this little fade intraday. Want to see at least a decent close on it.
Okay, I’ll watch too, thanks for the comments