ONVO Trade on Apr 15, 2024 09:39 from Rad_Trader: Tradervue User Stock Trades.

Trade Review

Play: Gap and Crap Reversal on a Biotech with Phase 2 news

Big Picture:

• Had a PR at 8:05 AM with positive phase 2 results, first high off that PR was $1.67
• Nice pullback down to $1.19 with a little consolidation on that level, from there it had pushed back over the highs to $1.85
• By market open it had setup two levels of support that were worth watching for a possible reversal $1.47 and $1.23
• Never really traded volume on the daily so didn't really know what it would do on such high volume

Scanner:

• SPY is gapping up today from $510 but still holding the major downtrend.
• Top percent gainer is only 55% as of now which is SNGX a healthcare stock with news.
• Oil & Gas are heating up, but only two tickers on my scan that are oil and gas

Technical Analysis:

• Float: 11.18 mil
• Support: $1.47 and $1.23
• Resistance: $1.67 and $1.85
• Dilution: Offering in progress, an ATM and two baby shelfs

Intraday Chart:

Thesis for the trade:

Traded it off the first support level, but it was after it had gone below it, so was trading more of a zone but below the support level, hindsight no real reason for shorts to cover there, hence why it probably never did a reversal there

Trade Management: Managed the trade according to my plan, stuck my risk level, executed and moved on

Price Target(s): $1.67 and $1.85

Stop: $1.38

What Do I Need to Improve: Really thinking like a shorter, and where they may look to cover, will give me a better odds of finding where the reversal could happen. Granted this one never had a reversal, maybe as the market has been weaker and there was an offering in progress

Thoughts on the Trade After Being Executed: If I was playing the first target, VWAP, the risk to reward wasn't the very best, 3:1. No real reason for shorts to cover, on to the next