CAN, Potential long entry , Low RSI entry on reversal strategy
CAN
Specializes in manufacturing bit-coin mining components.
In 2013, Canaan invented the first ASIC mining machine.
In 2019, Cannan was second largest manufacturer of bitcoin mining machines in the world.
Company founded in 2013 but IPO'ed in 2019 on NASD.
Current news is not very positive, although it seems there has been a potential technical reversal, with support around $2
One good thing , Recently there has been increased hedge fund interest/positions ...
CAN's current RSI at 31.27
I am bullish but, in my opinion, CAN stock could go lower , especially based on massive drop in revenue , lawsuit issues and lack of positive news. Also book per share is only $0.59.
If it breaks this level of support it could fall quite a bit more but having said that I am bullish providing it does not break below $1.88. Needs some positive news to come out.
Took a position
Entry 2.08
Stop 1.88
Take Profit Approx $5
Specializes in manufacturing bit-coin mining components.
In 2013, Canaan invented the first ASIC mining machine.
In 2019, Cannan was second largest manufacturer of bitcoin mining machines in the world.
Company founded in 2013 but IPO'ed in 2019 on NASD.
Current news is not very positive, although it seems there has been a potential technical reversal, with support around $2
One good thing , Recently there has been increased hedge fund interest/positions ...
CAN's current RSI at 31.27
I am bullish but, in my opinion, CAN stock could go lower , especially based on massive drop in revenue , lawsuit issues and lack of positive news. Also book per share is only $0.59.
If it breaks this level of support it could fall quite a bit more but having said that I am bullish providing it does not break below $1.88. Needs some positive news to come out.
Took a position
Entry 2.08
Stop 1.88
Take Profit Approx $5
艾力克~