UnknownUnicorn2339202

Wedges Are Popular Nowadays!

Short
NYSE:PUMP   ProPetro Holding Corp
Even though 100% gain in less than 6 months is quite impressive, I can hardly believe that the intrinsic value of PUMP has also changed to the same extent. Beginning of this month, bulls attempted to record a new all-time high, but they failed. My guess is that they are still in control, but their back is broken. Thus, I anticipate seeing another failed attempt for breaking ~$22.88 resistance level and then having the bears in control. Just like many other stocks, price action is forming a rising wedge ; perfect formation with respect to volume trend. I will go short after a MACD divergence or closing below the ~$20.79 support level . This analysis is voided if the price closes above $23.50 on the daily chart.
Trade closed manually

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Still running nicely


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