Potential swing play on ARCTARCT fell a whopping 66% the past 2 days. The catalyst was the inability of its COVID vaccine to produce levels of antibodies comparable to other vaccines in development or already developed. You can check more here: www.investors.com
It found support around $41.5 and moved about 12% to the upside to only fall again. It is currently hovering over the $44.3 support level.
There is not much hope for a big rally to the upside on this stock unless they improve their vaccine. However, there might be a quick swing trade opportunity. Yesterday I bought the support at $41.5 and waited for a bounce, which happened today. I sold for a quick 10% profit. I am looking into entering again if it retraces to that level. If I enter, I will place a stop loss just below the wick of the big red candle that formed after the gap down, at around $39.5.
If this trade plays out well my upside targets are $47.5 and $50 (long term support/resistance levels).
***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
