CODX Trade on Mar 4, 2020 09:48 from nils: Tradervue User Stock Trades.

CODX Breakout

Company Description

Name: Co-Diagnostics, Inc.
Sector: Healthcare
Industry: Medical Laboratories & Research

Trade Scenario

Co-Diagnostics shares are trading lower. Weakness potentially related to continued profit taking following Monday strength after the company announced it will provide COVID-19 tests to US CLIA labs. Maxim Group on Tuesday downgraded the stock to Hold.

Trade Variables

Gap: 5.57%
ATR: 0.52
Vol: 455,245
AvgVol: 3.944.620

Technical Levels

Support:

S1 12.37
S2 10.95

Resistance:

R1 14.70
R2 17.12

Trade Plan

Big picture

Small picture

Set-up

The market stayed in a downtrend since yesterday noon. Also in the PM it keept downtrending, what doesn't call for a long.

Trade Overview

Analysis

The price went up at the opening to the 14.70 ressistance and started creating a upwards triangle. The idea was getting long and taking advantage of the breakout.

What I did not like about the trade

I didn't looked at the volume. Unfortunaly most of the volume was at the bottom of the uptrend triangle. Also my SL could be smaller, due to the strong uptrendline.

What I have liked

I didn't went higher than my initial calculated risk.