SMCI Short Idea
Updated
I haven't bothered trading SMCI since my short on it earlier this year. This thing actually almost went to $0. It just bottomed out finally and had a nice broadening wedge breakout. Looks like it's about time to short it again. It may head up to the gap fill at $32.20, if so I'll look for more puts. Entering anywhere in this area is good for a move back down to the $21 area.
Risky play, will need to exit quickly if it doesn't reject at $32.20.
Risky play, will need to exit quickly if it doesn't reject at $32.20.
Trade active
Nice move down this morning. Coming into an area of potential support around here at the top end of the gap. Good spot to take profit, if it breaks here it'll probably head back down to fill the gap from Tuesday.Trade closed: target reached
Gotta love SMCI. Nice 10% drop almost instantly yesterday to the top of the gap. Hopefully someone caught that or even better took a long. Next upside target and short entry is around 32.20. Note
32.20 didn't hold, nice retest and bounce after. Now we're coming in to more of a major area around $37-$38, this is where the short becomes a lot higher probability. I'll take this one with a stop above $38.Note
Another 10% drop or so, it may wanna go down and fill the gap below, but the market is a little too strong I think. That's enough SMCI for me, risky name to trade right now but it does move.
You reap what you sow.
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
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