PSNY Took 5% but is there more?
I made this below comment on GGPI yesterday so I decided to carry it over here since GGPI is no longer a ticker.
For my personal outlook on this stock, I am looking to capture at least a 5% trade on this tomorrow. I have marked where my personal thoughts are on support and where I would like to enter if the right volume shows up and technicals line up as well. If momentum follows tomorrow I will do a larger entry with plans to scale back every 5-10% move up. (Not financial advice)
GGPI announced that they deal to merge with Polestar has been approved as of EOD today. Deal expected to close Thursday June 23rd with Polestar officially trading on the public market under the ticker PSNY on Friday.
Today it opened above my original 11.75 mark and hit the high of 13.36 before selling off to as low as 10.41. After I saw the first leg up over VWAP at 11:30 PST on the 5min candle, I decided to monitor the stock going into power hour for an opportunity to trade. From there it did a slight cup curve with a MACD cross at 12:45pm which is where I captured my 5% move up from $12.00 - $12.61. I closed my position the moment I achieved my 5% since it was the weekend and I usually do not hold over weekends.
The moment the bell went off for the close of market it pulled back down to $11.77. Since then it has continued to slow go back up again. I will keep this on watch for next Monday. I am thinking I will be looking for it to hit the Highs of 13.50 before considering this trade again.
NOT FINANCIAL ADVICE
For my personal outlook on this stock, I am looking to capture at least a 5% trade on this tomorrow. I have marked where my personal thoughts are on support and where I would like to enter if the right volume shows up and technicals line up as well. If momentum follows tomorrow I will do a larger entry with plans to scale back every 5-10% move up. (Not financial advice)
GGPI announced that they deal to merge with Polestar has been approved as of EOD today. Deal expected to close Thursday June 23rd with Polestar officially trading on the public market under the ticker PSNY on Friday.
Today it opened above my original 11.75 mark and hit the high of 13.36 before selling off to as low as 10.41. After I saw the first leg up over VWAP at 11:30 PST on the 5min candle, I decided to monitor the stock going into power hour for an opportunity to trade. From there it did a slight cup curve with a MACD cross at 12:45pm which is where I captured my 5% move up from $12.00 - $12.61. I closed my position the moment I achieved my 5% since it was the weekend and I usually do not hold over weekends.
The moment the bell went off for the close of market it pulled back down to $11.77. Since then it has continued to slow go back up again. I will keep this on watch for next Monday. I am thinking I will be looking for it to hit the Highs of 13.50 before considering this trade again.
NOT FINANCIAL ADVICE
Comment:
Although I still have this one on my watchlist, it never cranked up to my $13.50 level of entry. So for now I sit on my hands and wait for the moment to come.