BITA short sqeeze

breaking out on high volume above the resistance in the 29/30 area makes me see this stock quite positive for near term gains. The entire sector of chinese stocks has been running quite impressive for weeks, and it's still on the move. BITA, as one of the most heavily shorted stocks with a float sold short as high as 60% should therefore get additional buyers in here as bears feeling the pain and finally cover their positions.

I am long BITA 30.28 on average with a small first position, planning to load more on pullbacks into the breakout area around 30/29.20 and/or as it breaks above 31.30 into new highs on volume. stops 28 on end of day basis.

I dont really work with targets. It all depends on price action and the overall market condition and I see a rather rough market coming up the following days/weeks. So I may lock in gains or cut losses quickly. However, 37ish would be quite a nice nearterm spot to cover.

Comment:

loaded few more BITA today at 30.97 as this stock held up nicely with relative strength against a rather weak market

Trade active:

relative strength never lies. BITA stalling, missed the add at 31.40ish today but am in with a good load. looking for pb to add more

Trade active:

stops at cost at 30.35, not letting this turn into a loser. took gains 40% of position yesterday at 32.87 for a nice $2.5 profit

Trade active:

I was lucky not to be stopped out on this one. lowering stop to 30.25 below low of today.

Trade closed manually:

remaining position was stopped out at entry price around 30.30ish. small gain on the balance due to the 40% scale out selling into strength