EarningsBeats Digest

Published: Wed, 04/28/21

EarningsBeats.com Digest for April 28, 2021

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Be Prepared For Another Possible Short Squeeze

January 2021 may well be known forever as the "short squeeze month" with many heavily-shorted stocks soaring to levels unfathomable by many. Gamestop Corp (GME) was the poster child for the crazy volatile action in late January, but short squeezes will always be with us. When too many traders bet against a stock, reversals can become painful as losses mount on breakouts. Many heavily-shorted stocks remain in downtrends for many months, but there is the occasional stock that goes against the masses and Cel-Sci Corp (CVM) might just be one of those:

CVM closed at a high of 27.64 on February 1st and, after losing one-half of its market value the subsequent two months, has roared back and hit 27.70 on Tuesday, but closed just beneath that 27.64 closing resistance. I don't know if the stock is ready to make the breakout on Wednesday, but if it does, I'd expect to see volume accelerate, causing CVM's price to escalate quite rapidly. I wouldn't expect anything like the GME fiasco, but a quick 20-25% wouldn't be shocking at all.

Happy trading!

Tom Bowley

Chief Market Strategist

EarningsBeats.com
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