Has been a whippy play in a overall IPO environment that has been performing well. The stock had a support / resistance switch (S/R) which could offer a favorable entry with a low risk high reward play. Was whipped out of a position on 9/2 trying to catch that support as a cheat buy and it did not pan out as it broke that intra-day. Looking at some wick play it looks like we are seeing a hammer bar on Friday as well as a inside day. Looking at the overall pattern you could potential see a flag from the 12% move on Aug 30th but that is currently not one of my stronger patterns to grasp.
Bear case for this name would be that it is not participating like some of the other strong IPO names but what it does have going for it is that it is a little more beaten up therefor is not too extended relative to the overall growth stocks / IPOs. Stock has shown strong RS since the IPO and could have a long growth path ahead.
Bear case for this name would be that it is not participating like some of the other strong IPO names but what it does have going for it is that it is a little more beaten up therefor is not too extended relative to the overall growth stocks / IPOs. Stock has shown strong RS since the IPO and could have a long growth path ahead.