I mean, this shit doesn't belong in this price range AT ALL. Anybody permabullish on this stock is either delusional, or simply dense. Without disclosing any concrete financial agreement terms, the partnership news with Vodacom Business Nigeria is pretty much worthless. A 14 billion dollar anvil tied with dental floss hangs over the head of this stock price, and wall street is about to cut it.
For the past few trading days, this stock has washed out at the bell and rallied back to run intraday, but I think it has finally reached a point of over exhaustion and it is due for a severe correction. I feel it is extremely overcrowded both on the retail and institutional side, and once momentum starts shifting, we are going to see a massive dump happen. A 100 k block of shares was dumped at the close on Friday, and I highly doubt the bleeding is going to stop anytime soon. Close to a 100% jump in about a week or so is not a sustainable move. Especially considering the massive amount of debt, and the meaningless agreement with a Nigerian company in a country in political and religious turmoil.
*Source: Will Healy, https://investorplace.com/2018/04/deal-unlikely-fix-balance-sheet-intelsat-stock/ Follow them on Twitter: @Investorplace
On the technical side of things, $7.50ish is long-term resistance and it is my opinion, that Monday morning we are going to see a push to 8 and a massive wash out. I could be wrong, and momentum chasers or a chatroom can come in and fuck the chart up, but most likely gravity will take over. What a beautiful chart!
I will personally sit on my hands until I get a clear picture Monday morning, because last week this stock has punched me in the stomach, called me a little bitch, stole my lunch money and it's taking my girl to prom (You get the picture). So if you are going to attempt to trade this on the long or short side, be mindful of the risks involved guys.
Trade safe, and I'll see you guys out there.
Have a good weekend, and feel free to reach out on Twitter: @mickdostie