So yesterday i day traded this stock in the first 30 minutes of the open. My favorite day trade strategy formed and i was able to buy in at 3.35 and sell at 3.60 within 15-20 minutes for a nice 8% return.
However i got greedy in the afternoon and decided to reenter (with bigger size stupidly) for a sympathy bounce as price was flirting with support at the $2.85 range. I didn't end up selling with the crowd, which i think i should have done at the moment, but i put a stop loss on and headed to work. I noticed that i wasn't stopped out at work yesterday and seen that price is really trying to hold the $2.35 range. Looking back at the chart i see that at that level and the $2.00 level there is quite a bit of resistance.
After reviewing this morning i decided to go with the diamond hands approach and only sell if price really destroys previous support levels. The longer this plays out, the more confident i feel about this having another run up (similar to INVO this month or WIMI from October to present) Price is really consolidating and holding the $2.00 area and forming a nice bullflag looking pattern. With this stock being on the SSR list tomorrow, holding $2.00 level and I believe there are some retail shorts looking to ride this down to the gap at $1.66 I think tomorrow can be very interesting. They also announce earnings on the 18th and beat expectations last earnings report. I also like their SmartDesk Product and surprised this is not more popular with the price point they offer it at.
Well i hope some luck is on our side tomorrow so i can get out before without playing earnings, but if this holds $2.00 area tomorrow and does not have massive volume i will probably hold through earnings.
Goodluck Traders! Please leave your comments below if your looking at this stock, or are like myself and hold a position. would love to hear others opinions on this one especially!
This is a super company with great potential and I am surprised that more people do not know about this stock. This is the NASDAQ’S DOGECOIN and it goes for a good price. I agree that a buy and hold strategy can only produce profits in the long run.
FinanceGuy204
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@jteebopoland It is a really interesting small cap company. Im still holding my shares, its holding up against that support line i drew fairly well. Havent averaged down yet, but i may decide to do so closer to next earnings report.