I've been expecting the market to tank so I haven't been paying attention to this stock, no interest in going long on stocks when the market tanks.
Anyways, looks like SMSI formed a wedgie, downward target is around $4.9. I am not shorting this, looking for a buy point again. Looks like anything below $5 is a buy, I expect it to hold gap support.
I could be wrong, and it could cycle back to the top of the wedgie to hit my original target of $7, and I'm also bullish on this stock so definitely not shorting it. At the same time, there's no point in going long while the market tanks.
Note that there's MFI divergence and A/D is trending down as well.
Nice call. Sold at 6.4 looking to get back in under 5.5.
hungry_hippo
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@exxodus, keep an eye on the general market, only go long when the market is with you even on stocks you are bullish on long term.
This is getting oversold on the 15 min chart, so there will probably be a bounce a little tomorrow after a weak open. There's short term support at $5.75 if it hits that tomorrow for a quick flip.
hungry_hippo
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@exxodus, BTW, don't try to squeeze every penny out of a stock, that's how you wind up losing money. Take the easy money, then buy beer. Glad you made money.
hungry_hippo
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@exxodus, there's the quick flip this morning that I was talking about. Looks like it could head back to $6.5, but I flipped it already.