The chart speaks for itself. If you have any question feel free to ask them either here or on Stocktwits. Going into the weekend I decided to keep my position on WYY but I will be watching it closely on Monday morning and I won't hesitate to sell if it triggers any of my sell signals I've mentioned in the chart. My current view on WYY is changing towards Bearish. As I've mentioned in my previous posts I have one big concern with the recent gains is the Volume. Those gains tell me they are temporary it also tells me Weak Longs are trying to lock in a quick profit.
As I was writing this article WidePoint Corporation filed its Registration statement under Securities Act of 1933.
"We may offer and sell from time to time up to $25.0 million of any combination of the securities described in this prospectus, in one or more classes or series and in amounts, at prices and on terms that we will determine at the times of the offerings. This prospectus describes the general manner in which our securities may be offered using this prospectus. We will provide specific terms of the securities, including the offering prices, in one or more supplements to this prospectus"
Basically they are planning on selling 25mil worth of stock. Price is not set yet and will be set in the future which puts me in the Casino seat with my gambling chips (shares) on the table.
What to expect and look for on Monday morning?
1.Volume
If I don't see price support by Volume I will be exiting a trade.
2. The Average Directional Index (ADX) measures trend strength without regard to trend direction
Currently Plus Directional Indicator (+DI) is @20.91 barely above 20 line and pointing/heading down. Crossing 20 line would trigger my sell order.
Thank you for reading. Please share, like and subscribe. Have a Great Weekend!
As always keep in mind that News can turn things around fast in the stock market and my personal opinion and analysis can be wrong.
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