Concert Pharam $CNCE
05/23/2022 08:40 amSHORTProfit: $0.9775/share
CNCE was modestly extended on the daily, nearly 2-2.5 ATRs from the SMA, with the past few days being in an up trend. It was then gapping premarket on positive news. These factors led to the idea of a reversal being possible. It had a sell off just before the open which was viewed as a sign of weakness. Took an entry on the opening driving above the 5 technical level and just below. Stop loss was 5.20, the premarket level. Held overnight and exited near 4 support in the premarket.
Shares: 25-50milIndustry: BiotechnologyCatalyst: Positive Company NewsATR: 0.25 - 0.50Time Frame: 1 Minute
Entry Above VWAPDecreasing RSIDecreasing Price Action
Exit Below VWAPExit Premarket