BREN - VELOCITY PLAY
Updated
I have a position
October 27, 2023
The reasons:
1. Low-risk pivot point
2. The stock offers the first buyable base after an IPO
3. It skyrockets huge >300% immediately after it went public
4. High relative strength, outperforming the general market
5. The stock is moving on its own universe, marching to its own drummer
6. Volume dries up during the pause
7. Big volume on the breakout
Flaw:
The market is still in a hard-penny environment with only 30% of total stocks above the 200-day MA.
This is a power play type of setup, where velocity begets velocity. I like to see if it can hold up and move higher from here.
October 27, 2023
The reasons:
1. Low-risk pivot point
2. The stock offers the first buyable base after an IPO
3. It skyrockets huge >300% immediately after it went public
4. High relative strength, outperforming the general market
5. The stock is moving on its own universe, marching to its own drummer
6. Volume dries up during the pause
7. Big volume on the breakout
Flaw:
The market is still in a hard-penny environment with only 30% of total stocks above the 200-day MA.
This is a power play type of setup, where velocity begets velocity. I like to see if it can hold up and move higher from here.
Trade active
I sold half into strength at +16% gain today.Trade closed: stop reached
I get out at the breakeven on my last position.Trade closed: November 3, 2023
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