BLNK is forming a bottoming pattern. RSI is oversold and MACD is about to flip bullish. Looks like a great risk reward spot. 32% short float and declining volume on the drawback.
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Quick shakeout, but a nice bullish engulfing candle today
can you elaborate more on your first comment please
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@qahtani1979, just looking for confluence or a collection of reasons backing up this idea. First, just looking at the candles, the price seems to be bottoming and holding that 2.75 level. The relative strength (RSI) is in the oversold area, potentially meaning the stock should flip bullish. Also the Moving Average Convergence Divergence (MACD) which has been bearish since 12/27, looks like it's about to flip bullish. High short float means there's potential for a squeeze if the price goes up, short sellers are forced to cover and "buy back shares" forcing price even higher. About the declining volume as price dropped means sellers are potentially getting exhausted. All of these signs help create a bullish picture, yet we still need the market to cooperate. Hope that helps. Let me know if you're looking for anything more specific.