EarningsBeats.com Digest for November 17, 2021
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*Quarter began at close, August 19th and ends at close, November 19th.
Reversals Off Support/Resistance Can Be Awesome Trades
I'm not a fan of shorting stocks during a secular bull market, but if I were to short a stock, I'd try to catch a reversal off an uptrend and short it quickly for profit. Yesterday, I saw an interesting reversal on Cue Biopharma (CUE) and this potential short setup has worked in the past. After a lengthy uptrend, setting a new intraday high,
but then reversing to close beneath the prior day's entire candle suggests that a run could be over. Take a look at this chart:
CUE reversed off an uptrend in February and then did so again it late September, with the same setup we saw at Tuesday's close. In each prior case, CUE set a new intraday high, but reversed to close below the entire candle from the prior day. That began moves back in the opposite direction. I believe we could see a similar pattern on CUE. I'd keep a stop in play above Tuesday's high just in case I'm wrong. However, I see the more
likely scenario being a drop back to the 14.50-15.50 area to test prior resistance (now support) and possibly the rising 20-day EMA. It'll be an interesting chart to watch for sure.
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Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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