Based on Premarket gains of 400%+ and negative PR overhang, and bounce after the cliff, I thought it could be a potential short squeeze. I broke my rule and entered into the trade prior 9:45 confirming price and volume hold, saw vol of 500K and 2.9M so decided to get in, volume died on me. I like using technical indicators but the lagged and my wifi was bad. I should have exit immediately after volume and price action did not hold.
CIIT ran from $2 to $8 premarket despite an offering filing for 4.8M units with warrants, creating dilution risk. Better-than-expected Q3 results drove the move, but the stock has a history of popping and fading. Watched resistance at $4.10, $4.60, and $4.70. Briefly reclaimed VWAP, then failed and faded. Took a small loss and cut it quickly. Preferred the short around $4.50-$4.60.
I finally let it go. This was one that I really thought it would go back to VWAP and it started. I think it will after market open. But I let it sit down low for a long time. My normal move is to take losses quickly and I typically do. I see so many of the ones i lose on to win a few minutes later. This one would have followed that, but I didn't. This was a good win for me.
I'll take the win. It is continuing to go up right now. but I decided when it went up, I would take the win rather than taking the loss.. probably not the best strategy to actually make money but I took the single and got on base.
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