Reshorted CLTX at $3.25 on friday last week and I've been holding this for a few days. I wouldn't normally hold a position this long but I was expecting this stock to crash 30-50 %, so I gave it some time.
It was forming a symmetrical triangle with lower highs and higher lows. This could actually go either way, breakout from the upper trendline or breakdown from the lower trendline. But with fading volume after the big spike last week and with the overall market going down, my odds were on my side for this to crash. But for the last few days it had a ton of support at around $2.70ish and wouldn't tank big.
The stock is going down, but very slowly. Maybe because of the short sale restriction that prevents it from a big crash. Too slow for me so I covered at $2.48 for a nearly 24 % gain and locked in my profit.
I'm moving on to other plays. Looking forward too market crash and I'm welcoming the bearish market.
It was forming a symmetrical triangle with lower highs and higher lows. This could actually go either way, breakout from the upper trendline or breakdown from the lower trendline. But with fading volume after the big spike last week and with the overall market going down, my odds were on my side for this to crash. But for the last few days it had a ton of support at around $2.70ish and wouldn't tank big.
The stock is going down, but very slowly. Maybe because of the short sale restriction that prevents it from a big crash. Too slow for me so I covered at $2.48 for a nearly 24 % gain and locked in my profit.
I'm moving on to other plays. Looking forward too market crash and I'm welcoming the bearish market.