AAOI - Watching for Put Entry
AAOI is an interesting play opportunity. I will have to watch this one closely, because the short term chart looks like it has potential to go either way. This has been in a bearish market for the past year. This had a strong 3 day drop from around 42 to 32. It has consolidated between 30-34 for the past couple weeks after this drop. The last trading day formed a doiji signifying an attempt to start running back up or dropping back to the 30 support. If 30 cracks this will likely test the 25-28 support area. With the high short float, I'm looking for puts on the rundown back to 30. I will be looking for entry 33-33.50 with a SL around 34.
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