Jicka

Post Gap - the dust settles

Long
NYSE:EMES   None
EMES gapped down hard 2 weeks ago, since then the market seems to be coming to terms with its new base / level.

Earnings coming up soon, probably a reasonable chance that it will range until then, but if you check the spread post- gap at current prices it's ranging over 50%. Not to mention its currently at the bottom of the range.

This is a setup I have been looking at more and more (after being burned from a biotech I had no business being in) and am really coming to like the structure.

No trade for me yet, but if I did it would look something along the lines of 8% stop loss, price target 30-50%.

Comments

PA (Price Action) has toppled down to (0.15 - 0.17), witnessing that it has yet again cultivated an all - time low. This stick does certainly appear to manifest strong bullish momentum. RSI is oscillating around the oversold (20).
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