VYNE gapped strongly on 25th January, breaking out of a 10-month resistence @ 2.68 but alas failed to hold on to this level as it then gave up all the gains over the next 1 week to close the gap before attempting to reverse up again.
It finally broke and CLOSED above this 2.68 resistence (now turned support) on 3rd Feb, retesting this new support over the next few days before springboarding off decisively today with a huge green candle, signalling that it's uptrend is now underway! :D
Initial stop loss just below 2.68 (trail stops up with at least 12%-15% wiggle room on the way up). Expect to see some consolidation each time the stock hits into some old "resistences" on the way up.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to let me have your thoughts ! :)
Hello, I see that your stop loss should have triggered by now. Please see my analysis on this and give me your thoughts. The reverse stock split news have tanked the price, but the shares will trade on the adjusted price starting Feb 16. I plant to get in in range 2.50-2.65
Juliac
⋅
@feelsgains, you are right the my stop loss is triggered. bummer! When you say 2.50-.2.65 range, I believe you are refering to the pre split price. Yes they appear to be good prices as I still believe thistock has bottomed out and the downward pressure appears to be slowing down. However still very choppy right now and may not be ripe for strong upside yet. Hope to see a clearer picture in the next few days..
Juliac
⋅
VYNE is coming right back above 2.68, good sign! Sit tight for now.
Juliac
⋅
Hey guys, to be honest I am having some doubts right now for a couple of reasons:
Firstly it went back below 2.68 (the "resistence-turned-support" which should have held for a strong stock. Hence it's upside momentum is currently in doubt.
Secondly, the stock tanked further after they announced the approval of a reverse stock split. Normally stock splits signal the strength in a company's fundamentals (think AAPL and TSLA) while a reverse stock split is the opposite (ie company was weak and stock kept loosing ground, company do reversal stock split to make the stock look 'less cheap"). If manngement has confidence in it's company's fundamentals going forward, whybother with a reverse stock split now?
That said, the worst is still over for this stock as the bottoming formation has been established. It probably just mean that this stock might not be ready to rocket higher so soon and we can expected more volatility before a clearer uptrend can emerge.
abel11
⋅
You are on the mark, I support you.
Juliac
⋅
@abel11, thanks! Let's hope we all profit together :D
Lovelyfluffybeard
⋅
Thanks for your thoughts about vyne.
Much appreciated.
@Juliac, It starts to form a nice cup-with a handle. If you don't mind me asking, what is your long term thought of vyne?
Juliac
⋅
@Lovelyfluffybeard, just posted my updates for the benefit of all. I think while the stock has already bottomed out, a sustainable upward momentum may not kick in so soon looking at it's recent price action. I would like to see the stock back up above 2.68 for a start.