SNAX IS it ready for another explosive move?SNAX went up 5X last November after favorable earnings. It is a penny stock and inclined to
volatility. The following could support another explosive move:
(1) it just printed another favorable earnings report.
(2) it crossed the mean anchored VWAP band
(3) price is above the POC line of the volume profile and in the high volume area.
(4) the RSI indicator shows relative strength crossed over 50.
(5) bullish momentum is demonstrated by a green engulfing candle after several days
of sideways consolidation.
(6) price crossed through the basis midline of the Bollinger Bands typically considered by some
to be an entry signal.
As a penny stock this is a risky trade but as such is also carrying a high reward potential.
I will take a long position and contribute to the bullish momentum. I plan to make at least
100% on this trade if not more. I will set a stop loss of 10% to give the volatility some room.
