MLNT had a gap up pre-market but then panicked and lingered around Former resistance level at 1.55ish range that i mentioned yesterday. Was hoping for a bounce when it hit 1.55ish but could not bounce well. It did try to bounce a few minutes after the open but it sucked, only 40c bounce. then nothing after just side-ways price action pretty much all day. So Shitty performance today, BUT Volume did increase, and was able to hold above former resistance at 1.55 which means that 1.55 is now Support. However I still won't chase since its still very over extended. Could see a morning spike at the open but I Wont risk it. I will be holding off for a panic/bounce play in the morning. If it does breakdown 1.55 tomorrow Ill be looking at 1.30/1.20/1.30 ish ranges for a bounce. As of now its a no play until it figures out what it wants to do.
New play:
AMRS nasdaq play. gainer today, running on positive news of 255M deal, Massive volume today 54M, float 37M. Almost traded half the supply. However looking at the past performance I'm disheartened, Has cliffed dive several times which very bad. No big signs of going full on supernova. However it has proven it can multi-day spike and its running on big volume with news behind it. Looks like theres multi-month former resistance now support at 5.20 that I will us as support for a morning panic/bounce play. Multi-month resistance at 5.90 which will be my Exit range.
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