Price has made some serious moves up but has formed two interesting candles just below a previous s/r area. The most recent candle is unfortunately not the greatest considering yesterday was a green day and formed a hammer but I still think EWTX is overextended. An insider has also just dumped a large amount of shares which further supports my bearish...
A candidate for another -90% drop. Price is printing a flat (looks complete). Target ~$2 per share. Need a confirmation that the impulse advance in the wave C is done.
On the hour chart the trend started on June 27 (linear regression channel).
There is a high probability of profit. A possible take profit level is 8.46
But do not forget about SL = 6.70
Using a trailing stop is also a good idea!
Please leave your feedback, your opinion. I am very interested. Thank you!
Good luck!
Regards, WeBelieveInTrading
IPO intraday trading strategy idea
Edgewise Therapeutics is a clinical-stage biopharmaceutical company focused on developing orally bioavailable, small molecule therapies for rare muscle disorders.
The share price is rising and gonna continue this trend today.
The demand for shares of the company still looks higher than the supply.
These and other conditions...
