This is a SPAC stock with a market cap of 80 million
The founder just filed a Form 4 saying he acquired 10k shares @ 4.23, bringing him to 817k shares or about 4% ownership in his own company, which seems low... I guess SPAC's are not a great deal for founders?
Anyway the only SEC disclosures are these insider "buys" which I admit could be some kind of warrant exercise, but they are showing the price at the current level.
So I'm looking at the chart and hoping for a $4 bottom. Probably going to put a stop around 3.80 and I'm looking for a rise to $7, how cool would that be?
交易進行
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Well I'm in @ 3.79 and then again @ 4.60 after this bounce on good news:
評論
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After that bounce on the 16th due to good news of distribution deals, bad news (low Q4 revenue guidance) was announced and the stock lost as much as 20% before recovering 10%, for a loss of 12.6% on the day.
This now makes a gartley here, so the reversal may be complete. I will probably buy more soon. On the downside there is clear overhead supply which was to be expected as this is a SPAC stock. $5 may be a tough resistance. But I like how it held up today; the daily candle here is a "spinning top" I believe.
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I mean 43 million shares were apparently traded on 12/16 according to my data sources. This is 2x shares outstanding.
OK reading up on this S1 filing from 12/30. They need an additional $25 million, which is probably due to the rapid expansion going on. I'm going to wait a few days/weeks as it's not likely any new information will come out to push the stock much higher above $4.
I'm holding my $4.20 cost basis shares and looking for confirmation of a bottom around $3.50 where I will look to buy more.
I like the ending volume on 11/22 and 11/23. I'd wait for confirmation of the bounce though. I'd also like to see it break the descending trend line, or a clear double bottom.
If this really is the bottom, there should still be plenty of time to get in and ride to $7
ChartMeNot
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@gooney0 thank you as always for the great advice. do you trade full time?
gooney0
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@ChartMeNot, I trade a lot but not full time. I make a small profit swing trading but not nearly enough to pay the bills.
ChartMeNot
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@gooney0 cool, same here, in fact I only trade in retirement accounts for now. small potatoes. learning the ropes.
If this really is the bottom, there should still be plenty of time to get in and ride to $7