Post by Emperor AAdmin on Feb 27, 2017 15:56:59 GMT -5
2/27/17
Square (SQ) is your Trade of the Week
Hello,
Trade Ideas technology points to a scan that we affectionately call “Squeeze Me”. If you are short a stock that is blasting thru 52 week highs, you may want to consider managing your risk and buy to cover and close the position. This is the strategy being curated this week. SQ had blowout earnings that took 37% of the short float to new 52 week highs. The Trade of the Week is considered live above 17.63 this week. The upside target is higher all-time highs.
Continuation of this breakaway gap is expected but we must manage risk if the price trades back down in to the gap. A suggested stop price of 16.02 allows for a test of the gap fill but not enough to stop out only a few cents into the gap. We will give 30 cents of wiggle inside the gap. Beyond that at the price is likely to come back down to 15.20. If that happens you could always consider that a secondary entry to try again if the momentum in SQ stalls. With 37% of the float being short, the odds of continued momentum higher in a short squeeze are good.
Happy investing!
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Please remember that Trade Ideas does not suggest day trading this type of alert. The idea behind the Trade of the Week is to give our customers opportunities that they may be able to stay in for an extended period of time. Please use proper risk management when making investment decisions.
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