Description
⋅ MYO had impressive week gaining over 35%. It is a volatile penny biotechnology stock
with good earnings back in November new due for another report. On a 120 minute chart
with relative volatility and volume indicators and a volume profile added. The volume and
volativlty of this past week's move is obvious. Price gain has slowed on the approach to the
POC line of the volume profile which appears to be resistance. Price may break that resistance
but could get rejected there. I plan to buy MYO long on a break of resistance with
a buy stop set at 4.04 and a stop loss at 3.96. If MYO rises and gets over 4.04 the order should
fill and if it retests the POC line as support and the support fails, the stop will close the trade.
My expectation however is for the earnings run to take it to the level of the pivot high
in early January for a 25% gain.
Trade active
⋅ Sideways price action today.
Comment
⋅ Price drop and added to the position on the discount.