Hey Traders,
This morning I opened up my Trade-Ideas scanner and the first thing I did was look at the High Of Day Momentum Scans and noticed the stock ticker symbol CAPR.
The stock was currently trading at $20.55 by the time I opened my scanner with Volume Today of 3.20M shares traded which is well above my minimum threshold of 500,000 shares of volume. It also has a 4.9% GAP and 24.40% Short Float which is primed for a short squeeze! This gave me reason to pay attention to this stock for the continuation to the upside for a potential flat-top breakout, bull flag or EMA/VWAP bounce trade.
I noticed that there was a big selloff near the highs and there were 2 demand zones stacked up together and decided to set my Limit Order at VWAP looking for a reaction/bounce to the upside and set my STOP-LOSS under the 20EMA.
Low and behold, took a nice bounce of VWAP and took a clean profit on CAPR.
HAPPY TRADING !
Ethan