Later that day, shares came back to test that breakout area and held into the close and through the weekend. Once that was broken on the 29th, the stock immediately pushed higher. Now, while shares haven’t gone parabolic in the same way as HKD, they’ve still provided ample trading opportunities if you know where to look.Īgain, I want to point out the high made on the 26th. That can help push the stock around and create some explosive moves. I’m partial to GOVX because unlike the other two stocks on this list, it only has a float of 12.29M shares. We’ve seen similar price action in Siga Technologies Inc.
Stocks related to the vaccination and treatment of the disese, like GOVX saw immediate interest with volume jumping along with share price. When news hit about a potential Monkeypox outbreak, traders jumped on relevant stocks. When this changes, that would be my first indication of the Supernova burning out. Notice how each time it breaks those highs, it does so on heavy volume and tends to hold above them. Now, while I won’t give away all my secrets, I want to draw your attention to the highs made by the stock as it moves along. If you understand how these Supernova patterns play out. Nonetheless, the stock has been on a rocket ride since the merger with little to no news. Shares have climbed as much as 1,251.24% over the last two weeks, right alongside HKD.Īnd like HKD, PGY has millions of shares in its float. Shares of this company had been trading below $5 before the company completed its SPAC merger agreement. If you’re shorting, borrowing costs can get expensive on stocks like these, so be sure to check with your broker before placing a trade. Know this – HKD will come back down to earth. Make sure you study past examples as I have here in my penny stock framework article. That’s a good way to get blown out very quickly.
You can’t just buy into momentum, hoping to be right on the trade. Traders need to understand the different phases of a Supernova to identify potential trade setups correctly. There was huge amounts of price action between the first two moves as shares spiked and plunged.
This daily chart highlights three major moves in the stock’s price. Let’s go back for a moment and take a look at GME.
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Unless you know how to recognize these patterns, you’re bound to get chopped up in the price action. In between the massive drops there are huge rallies. What many shorts don’t realize is the pullback process takes time. (NYSE: AMC), and several others during the meme stock craze. (NYSE: GME), AMC Entertainment Holdings Inc. It doesn’t take an experienced trader to recognize this for what it is – a juiced up stock. Shares debuted on the NYSE two weeks ago in an initial public offering (IPO). There is no way this stock wouldn’t make my list.
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