CNSP Trade on Jul 3, 2024 08:20 from PeterDragon: Tradervue User Stock Trades.

CNS Pharmaceuticals, Inc. is a preclinical stage pharmaceutical company, which engages in the development of anticancer drug candidates for the treatment of primary and metastatic brain and central nervous system tumors

Healthcare/Biotechnology/USA/NASD

VIX 12

SPY 548

QQQ 486

IWM 402

MARKET CAP 0.3M

OPTIONABLE N

SHORTABLE Y

INSIDER OWN 3.41%

INST OWN 8.21%

SHS OUTSTAND 0.24M

SHS FLOAT 0.23M

SHORT FLOAT 27.21%

SHORT INTEREST 0.06M

52W RNG 1.24-137.50

RVOL 0.9

AVOL 415K

BETA 1.08

ATR 1.07

SUPPORT 1.24 ATL hit previous day

RESISTANCE 3.08, 10, 12, 50 Maybe 2.00, 2.63. Very little volume to form any concrete expectations..

BIAS None

 

Recent news - Announced pricing of recent registered direct offering and concurrent private placement of $2.45 and 2.32 respectively on the preciously announced sale of 568,000 shares of common stock in a registered direct offering and warrants to purchase up to 568,000 shares of common stock in a concurrent private placement

Strategy

Hit gap scanner early premarket as leading gainer. Unusual volume on no real news. Exceeded daily AVOL on first leg up. Wait for first pullback to get an entry to risk off of to test momentum. Sell into strength.

  

Trade

Entered Lot 1 after pullback to 1.75 on first candle to break previous candle high risking 12c.

Entered Lot 2 when pulled back down to 1.78 on first candle to break precious candle high risking 9c.

All additional lots entered and exited when felt momentum was rising or falling using tape reading and some MACD influences.

Trade Review

First lots were good entries, but could have reduced risk by buying immediately after candles broke prior candles. First exits very good and sold almost at the high of the next pullbacks.

MACD extensions and crossover and tape reading primarily dictated additional entries and exits. Some premarket fear of a rug pull due to going pretty exponential.

Pullbacks were pretty micro after the initial one and I need further investigation on strategy to better understand how i can improve on later adds/sells. Got a little chopped up, but still ended with a good gain from my initial entries.

Continuation Trade - still holding...unfortunately.

Will share when closed. Bought numerous lots on the open due to massive amounts of volume in an uptrend. Minute 3 rug pull on 8x float volume.

Added 2 lots on low price and volume after the large dip.

Stock regained momentum to the upside only to be pushed back down on another 5x float candle.

Outcome will probably not be good. I had high level of confidence or stubbornness that this would squeeze up significantly past premarket highs. Volume very low in the pm and assume continued into Friday. Hold into Monday to see if interest is restored and can get squeezed back into this weeks highs. Low expectations since trading below all moving averages. Stock injection should be closed after Friday which may bring the stock back into averages.

Incredible amount of volume throughout the premarket and into the AM. Trading day ended with 55 million shares exchanged which should equate to 240x float rotation mostly in the 1st half of the trading day. Total trading volume over this stocks history was only over 5 million shares. Total float was rotating over 8 times within numerous 1 minute bars with 27% short float. Buyers unable to push through the wall of selling. Being new to trading I cannot understand how this stock became bet down almost immediately and throughout the course of the entire day even if all 1.2 million shares were injected into the float this morning.