Company guided down yet once again but there is +ve divergence in the long term chart. Shark did x3500 risk reversals into the earnings print and sold 30 puts and bought 34 calls for $0.25 for Aug24 this week expiry. Couple horizontal areas come into play in the low 30s and high 20s...
I am thinking an opening washout to sub $30 and then accumulation possibly. Looking for seller exhaustion.
It is worth a nibble sub $30 for just this potential on a proper bottoming formation intraday.
Normally this is yet another short no doubt but it smells like a potential hedge fund accum target. "potentially" or the shark just got hosed :)
We wait for more clues.
I am thinking an opening washout to sub $30 and then accumulation possibly. Looking for seller exhaustion.
It is worth a nibble sub $30 for just this potential on a proper bottoming formation intraday.
Normally this is yet another short no doubt but it smells like a potential hedge fund accum target. "potentially" or the shark just got hosed :)
We wait for more clues.