As expected VELO fell again today. There was not a lot of support around 2.5 and with such a red day (-8.58%) I expect it to fall further before finding stronger support.
I will be looking to re-enter when buying volume increases, either in the 2.2-2.3 area or in the 1.9-2.0 area.
Short term bearish, long term bullish.
VELO has been bullish since october, continously making higher highs and higher lows. The annual report was released wednesday (27.02.19) and caused the stock to drop ~15% the following day. The report held no surprises, however, as everything is on track and it can only be a surprise to the very uninformed investors that revenue is yet far from matching the...
Tuesday the annual earnings report was released and the stock jumped 17,6%.
Several finincial institutions have increased their price targets, e.g. Danske Bank from 310 to 365,
and a lot of large players are heavily invested. On the other hand, american hedgefond,
Coltrane Asset Management, increased their short position yesterday.
The stock is now at an...