12.79M float/.3% short float/ no info on institutionals
Another biotech spiking. I actually like the price action however, otherwise I wouldn't touch it. It spiked from 6$ to 8.65$ premarket, came back down and is now consolidating right around previous resistance at 6.50$. Short sellers missed the price spike and it gaped above resistance. Could be an ORB candidate.
Stop: 6.20$
R: 0
Finally a good trade again. 6.20$ holding and stock was coilding below 6.50$ 55s was showing size and got overwhelmed, so I went with it and took the offer at .55s.
Lack of follow through on the tape, so I scratched it before it tanked.
Well done.
Execution detail:
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