The ones in the know have been covering back in July, August, September.
As we can see, 12th December shows a 1st Green Day pattern, someone who was privy to the news of a Takeover Offer on the 13th December. Conveniently on the 13th December they released the news of said takeover. This caused the price to gap up, and then subsequently sell down.
Today, they release news causing the price to finally reach $4, after an offer of $4.30. Seems like there was no other way for prices to hit $4 without this catalyst, and as mentioned the smarter shorts with bigger positions most likely exited out and de-risked, perhaps even went long as a hedge.
I wouldn't be at all surprised now to see prices having a retrace as it did back in December. It's smart to follow the money and do as they do. Only ones buying highs and gap ups are retailers and squeezed shorts on margin calls. Professionals sell into those kinds of moves IMO.
I am not betting against them nor do I want to chase prices as a long into these levels of resistance so, I will remain patient
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)