RE:Cup and Handle Breakout!Just wanted to remind everyone, that I called the breakout correctly here with all the bashing going on near recent lows :).
My assessment has changed somewhat since the financials release yesterday. They were not impressive, with revenues falling by $120K though other expenses also fell by the same amount. Cash is down to $500K from $1M. There is a chance that they'll do a raise in the near future if the revenues don't pick up again.
To that effect, today's NR was good and hopefully it leads to tangible sales/contracts.
Full disclosure: I took profits at .23 - .24 from .18 avg. Keep that in mind when reading my further analysis/opinion.
Current major resistance area is at .24 - .25. The reason today's NR failed to generate enough excitement to break through it is because there were no sales or numbers attached to it. If they can produce them in the nearterm, it will break through no doubt. Current market cap is still relatively cheap.
There is a gap at .205 which I believe will fill in the coming days. Previous strong resistance at .19 - .20 is strong support now and I expect it to hold unless there is a significant delay before next news release.
Could it break through .24 - .25 without a catalyst? It's possible. Shorts summary report from a couple of days ago shows 1.3M short position. If they did not cover, it could result in a short squeeze and a spike in sp. COVID-19 treatment development update is another wildcard.
My decision to sell was driven partially by technicals (Accum/Dist showing liquidation/selling pressure), iced .24 ask and worse financial results that I had hoped for. I will keep WAVE on my watch list and hope that they can deliver some good numbers next quarter or make progress with their COVID-19 treatment development. I may re-enter then.
Best of luck to everyone. Hopefully, you've already made some profits here from recent lows and will see further appreciation from current levels. Cheers!
AGResearch wrote: This is an explosive chart, ladies and gentlemen! Add to the fact that 1.2M shorts will have to cover and only 13M shares are tradeable. Oh, and you can still get in at over 50% discount to what it cost the insiders holding 75% of the float (.50)!! It's going to be a very nice week coming up!
https://twitter.com/agstockpicks/status/1296899160294162440?s=20