ODT
ODTMy new big pick is Odonate Therapeutics Inc (NASDAQ: ODT). The stock made an awesome move yesterday breaking out of a major resistance line with volume backed confirmation. I went long at $3.85 as it's quite possible we should see a short term move near $4.97/share. The technical chart shows a bullish sign with %K line on top of %D line and MACD rising. Yesterday’s action in the share price leads me to believe that we may see a reversal trend at this level. To sustain this point of view, stock needs to sustain actual level in the days to come, so stay tuned to her. Mega Gap to fill here.
ODT Odonate Therapeutics all time low! Buy oportunity?Following feedback from the U.S. Food and Drug Administration (FDA) in a pre-New Drug Application meeting, Odonate Therapeutics, Inc. (NASDAQ: ODT) has concluded that the clinical data package for tesetaxel is unlikely to support FDA approval. Therefore, Odonate is discontinuing the development of tesetaxel and will wind down the operations of the Company.
As of December 31, 2020, Odonate had $157.3 million in cash, compared to $180.5 million as of December 31, 2019. (businesswire.com)
ODT Odonate Therapeutics MARKET CAP 147.784M
That`s less than its cash balance!
The indicators showed a sell signal just before the selloff.
I know it`s a speculative buy, buy it worth the risk?
What is your opinion?
If you are also interested to test some amazing BUY and SELL INDICATORS that i use, which give the signal at the beginning of the candle, not at the end of it, just leave me a message.
ODT Cup-and-Handle Inverse (bearish)I found this pattern at tickeron website with the following data:
STATUS = Confirmed
CURRENT CONFIDENCE = 77%
TARGET (EXIT) PRICE = 12.74 USD
BREAKOUT (ENTRY) PRICE = 14.89 USD
DISTANCE TO TARGET PRICE = 4.89%
EMERGED ON = Sep 14, 08:00 AM (EDT)
CONFIRMED ON = Sep 17, 09:40 AM (EDT)
WITH CONFIDENCE LEVEL = 84%
The Inverted Cup-and-Handle (sometimes called Inverted Cup-and-Holder) pattern forms when prices rise then decline to create an upside-down “U”like shape (1, 2, 3, also known as the Cup), followed by a shorter relatively straight price increase that bounces from the right lip (from 3 to 4, creating the Handle).
The rising handle forms as a result of mounting buying pressure created when the security retests a low at the right lip of the cup. Once the buyers give up, sellers take over and the security has the potential to decline rapidly.
Trade idea
If the price breaks out from the top pattern boundary, day traders and swing traders should trade with a DOWN trend. Consider selling the security short or buying a put option at the downward breakout level. To identify an exit, compute the target price by subtracting the pattern’s height (the difference between the highest price and the support levels) from the price at the right cup lip. The confirmation move is the breakout of the price below the right cup lip.
To limit potential loss when price suddenly goes in the wrong direction, consider placing a stop order to buy back a short position or sell a put option at or above the breakout price.
