ARM IPO was one of the most obvious short play this year. The one-day pump was it and now time to short it out. So far, the bounce has been steady and choppy. I think $56.78 will be the local top for now. Right now, price has broken below the channel support, but there might be a bear trap rally back up around at $54. From there if price breaks below $53, it will be the next short setup. Stop loss right above the upcoming spike. Ultimately, I think it is a $25 stock, but will re-evaluate when time comes. Above $56.78, there might be another push up higher up to $62 level before it turns down again...
Note
Shorted when price failed at $55. So far looks like this plan may work out.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.