Short Term Trading Week Starting: 25 Mar, page-61

STTCOMP SPT TA SHORT

Was today's bullish absorption, or was it a bit of a bull trap? I'm betting it's the latter, and could be on its way to re-test support around 1$. Some decent support 85c-1$, so around there may be the buy zone for a bounce if it goes down there.

SPT are a buy-now-pay-later finance company, riding the coattails of the likes of APT & Z1P, all three have done well to start the year. Some heat looks to be coming out them slowly though.

Sadly no silly patterns here. The action in 1 min chart at the end shows what I believe to potentially be distribution going on. This has been a wild one, so there is a chance this becomes the worst short pick of the year if it decides to go again.

Daily Chart


Hourly Chart


1Min Chart



Not held, cheers.