Dropcar, Inc. trades on the NASDAQ under the ticker DCAR and the CEO heads to Times Square today at 43rd and Broadway to Ring the Opening BELL at the NASDAQ broadcasting market site.

DCAR is trading on the NASDAQ for the first time, only since January 31st, following a late January corporate merger which created a late January spike in the stock price putting this ticker back on traders' watchlists. 

Steady growth in their services which include providing subscription parking plans to drivers in urban areas including Manhattan.  Consumer demand for monthly parking services continues to grow, prompting the addition of a premier parking plan and concierge services in 2017.  In addition to individual consumers, Dropcar is effectively building its B2B base with luxury dealerships including Jaguar and Landrover of Manhattan. Other dealerships also include Lexus, with management believing Dropcar's platform will continue to build customer loyalty for their luxury brands.

As of the last trading session when the market was open Friday, the price spread between the high and low of day was nearly $0.90 with over 1.1 M shares being traded.  This stock normally trades 250,000 shares a day so those trading this ticker has increased four-fold.  The stock reached a peak mid-day, and those holding a position through the the 3pm-4pm hour saw a green day with this stock closing $0.47 higher than where it opened.  There are 3.5 M shares in the public float.   6% of these shares are shorted. 

Dropcar, Inc. is a nanocap with no earnings but business managers describe their growth as scalable and their consumer base as sticky.  The stock price is up 23% in pre-market trading, trading at $3.25 a half hour before the opening bell, so expect this stock to Gap-Up and hold or climb in the first hour.  

My Recommendation is Do NOT Chase the price surge in the first hour and a half of today's market open.  Instead, Dip Buy a 2500 share position where the stock has support at $0.10 Below your Buy Price.  This ensures a Low-risk trade.  Do NOT Dip Buy a stock which takes out support, falling below Support.

SONNY

 

My Update as of 10:08am:  NO TRADE thus far because SUPPORT at $3.60 was a tease and did not Hold.  Cannot DIP BUY as Result.  Trading Volume is up to 4.5 M as of this update, stock is now trading lower than where it opened today at $3.53.  The price surge is attributed to those who were already long the stock and who bought the Friday breakout and held overnight through the long weekend. The price surge is a sharp sell-of of those traders who are now taking profits into the Gap-UP.  Still NO Trade viable.  Do Not Force a SetUp.