Can WIMI an IT penny stock hold above a dollar per share ?
Updated
WIMI rocketed from 60 cents to $1.50 two days ago and then fell to 93 cents near to the
Fib 0.62 retracement which is greater than the typical. The idea is on the chart. So the analysis
is a symmetrical triangle pattern with a high normal retracement now at the apex of the
triangle with quick compression on the 15 minute chart. Volume is now. Friday afternoon
had a pullback likely to rake profit for the weaken. Money flow and relative strength are
decent but settled down. So will this penny awke up next week and try to move toward
its high of the week or will it fall lacking attention from distraction by technology stock
earnings reports and a crypto-sruge. To be sure, this is not an earnings play. There was
a highly significant news catalyst early in the week. This news is a possilbe game changer.
Over the intermediate term, despite any analysts' forecasts this could do 10X by summer.
As to next week, who knows but with an overshoot on the retracement and now below the
the mean VWAP band anchored to the beginning of the week. I am voting for a reversion to
the mean which just happens to be 1.00 ( a convenient "psychological level.).
As to a trade setup, a will take a big lot of shares from a buy stop set for 1.01 with a stop loss
of 0.97 and see if I get filled.No matter, this will be a swing trade for me. I will do adds at
the low of the week each week for several. I understand the news catalyst and believe
this penny IT will get a begin growth spurt in little time at all.
Fib 0.62 retracement which is greater than the typical. The idea is on the chart. So the analysis
is a symmetrical triangle pattern with a high normal retracement now at the apex of the
triangle with quick compression on the 15 minute chart. Volume is now. Friday afternoon
had a pullback likely to rake profit for the weaken. Money flow and relative strength are
decent but settled down. So will this penny awke up next week and try to move toward
its high of the week or will it fall lacking attention from distraction by technology stock
earnings reports and a crypto-sruge. To be sure, this is not an earnings play. There was
a highly significant news catalyst early in the week. This news is a possilbe game changer.
Over the intermediate term, despite any analysts' forecasts this could do 10X by summer.
As to next week, who knows but with an overshoot on the retracement and now below the
the mean VWAP band anchored to the beginning of the week. I am voting for a reversion to
the mean which just happens to be 1.00 ( a convenient "psychological level.).
As to a trade setup, a will take a big lot of shares from a buy stop set for 1.01 with a stop loss
of 0.97 and see if I get filled.No matter, this will be a swing trade for me. I will do adds at
the low of the week each week for several. I understand the news catalyst and believe
this penny IT will get a begin growth spurt in little time at all.
Trade active
Zoom-in to 5 minutes link:Note
News and Quasi-technological overview link:markets.businessinsider.com/news/stocks/wimi-announced-multi-view-representation-learning-algorithm-for-data-stream-clustering-1033029820
Trade closed: stop reached
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