A head and shoulders pattern has formed between 24/07/2023 to 28/08/2023.
With a close above $4.44 on 28/08; we can expect some relief trading in the morning of 29/08/2023 to a potential $4.70 (where the second shoulder started to form) before trading to the downside in anticipation of ex-dividend on 05/09. Data update from T-4 settle of short selling will update as well perhaps recording an overall short % of 10%+ (an increase of 1.4% from 8.7%).
Trade entered at $4.51 with price target of $4.70 (an upside of 5%)
With a close above $4.44 on 28/08; we can expect some relief trading in the morning of 29/08/2023 to a potential $4.70 (where the second shoulder started to form) before trading to the downside in anticipation of ex-dividend on 05/09. Data update from T-4 settle of short selling will update as well perhaps recording an overall short % of 10%+ (an increase of 1.4% from 8.7%).
Trade entered at $4.51 with price target of $4.70 (an upside of 5%)
Trade closed: target reached:
$4.70 profit taken.
Trade active:
Short started at $4.66
Trade closed manually:
Close at $4.60 with VWAP $4.62 hit + BB bands median close on 5 mins.
Comment:
Double bottom attempt resulted in fail @ $3.86... Heading towards long term support of $3.59 like depicted in chart above.
Comment:
Long term support has been hit at $3.59 with a close price of $3.58