Weirdest intraday chart pattern

G

GotherL

I've never seen a stock consolidate after a 500% parabolic move up, talk about bizarre. You would think they would start dumping and panic selling on the 1st or 3rd 1m red candles or squeeze higher. Caught me off guard in the sim.

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That means the bulls are strong and still in control. The bears are unable to do anything. Watch out for the trend continuation, this looks like a typical bull flag...
 
Tradex said:
That means the bulls are strong and still in control. The bears are unable to do anything. Watch out for the trend continuation...
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Yep, that would've made sense if it squeezed another 100%-500% but it dropped off quite a bit after that last red candle on the chart. Retested high but failed miserably before going timber.
 
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GotherL said:
Yep, that would've made sense if it squeezed another 100%-500% but it dropped off quite a bit after that last red candle on the chart. Tried to retest high later in the day but failed miserably before going timber. It was like a delayed dump. Very unusual from my experience.
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Why are you messing with a low volume stock like that anyway (20K shares a day on average)? ;)
 
HobbyTrading said:
That shows what impact a press announcement can have: https://www.marketwatch.com/story/astrotechs-stock-rockets-6-fold-on-heavy-volume-as-company-develops-breath-test-for-lung-infections-2020-03-25
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Yeah, I figured it had to do with the catalyst that attracted a wave of newbie traders trying to buy on pullbacks after missing the big move. In the end, the bears won over. Lots of dumb money thrown in. I would've shorted that stock back to zero if I was on my real account.
 
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Tradex said:
Why are you messing with a low volume stock like that anyway (20K shares a day on average)? ;)
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That's what I do bruh. I only trade low-floaters. $1-$10 range due to me having small account size and need to grow the account quickly . Although, lately I been looking more closely on micro penny stocks . I seen quite a few of them run up lately from a few cents to above $1 and wondering if I should just hold one of them as a lottery ticket. Due to the covid-19 the smallcap p&d's have been way more active lately.
 
GotherL said:
That's what I do bruh. I only trade low-floaters. $1-$10 range due to me having small account size and need to grow the account quickly .
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I see, makes perfect sense now.
The best of luck.
 
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