Residual open gap-up
Quiet pre-market on Thursday, February 18th. CCCIV had a nice residual gap this morning having a high pre-market volume and the best setup for a fourth green day, following a news catalyst on 2/16 (second green day post catalyst). The stock is within the multi-month expansion area of the post-pennant pattern and gapped through the multi-session post-pennant expansion area for a nice acceleration. The first push consolidated at a long-term trend line, the second took out the new 52-week high of yesterday, and the third push tested the 9-day ATR.
NTM 60c 2/18 performed well with a 270 average entry to a 543 average exit, or a 201% multiple of risk.
NTM 60c 2/18 performed well with a 270 average entry to a 543 average exit, or a 201% multiple of risk.
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