NovaBay Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in developing products for the eye care market. Its products include Avenova, NeutroPhase, and CelleRx. The company was founded by Ramin Najafi on January 19, 2000 and is headquartered in Emeryville, CA.
NBY has successfully moved up from it's recent lows and pivot at 0.55.
A newly formed uptrend is supporting BUYS in the 0.64-0.67 price range.
Over the next 4-5 days I'd like to see price move to above grey area zone to 0.70.
This would show continuation of uptrend moving out of high point downtrend and above 0.67 pivot.
IF 0.70 is made the next target is...
Scalpping NBY.. High volume.. Not sure what, but something happened and I have the feeling it might just stay up for a bit longer. Hoping for a quick bounce at that .60's level. As long as it stays within the trend drawn. Plus I'm testing out this bottom finder that seemed to have worked just fine in this particular ticker.
Please review and comment. Thanks!
I didn't publish a few other calls I had on this stock recently, but going into Monday I wanted to share my setup. I'm mostly watching the 5m chart but have drawn in some much longer term levels which have proven important in this recent spike. Stock has a 7M share float according to Yahoo Finance.
This could be a momentary to two day trade.
News of their eye spray cleaning product hitting Amazon.com without a prescription.
Reverse splits and some stock dilution. Long term horse shit chart.
Company makes no money, loses a lot, will still probably lose a long despite this news.
Reward targets based on intraday levels but are basically unpredictable.
