Shared by
BanalityOfEvil
RZLT - premarket scalp
CATALYST
7:00:00AM
RZLT
REZOLUTE ANNOUNCES POSITIVE RESULTS FROM THE PHASE 2B RIZE STUDY OF RZ358 IN CONGENITAL HYPERINSULINISM
TRADE IDEA
RZLT will touch 5.50 in premarket
SETUP QUALITY
C – pharma stock non FDA related, phase 2b study
BIG PICTURE
Spy testing LTR @ 450
VIX in low 20’s
Fresh news (not great news
FLOAT 11M
RVOL – slightly elevated 3M shares in premarket
ATR - .34
PLAN
Enter small size around $5 area for a move back up to 5.50, do not hold into the open
EXECUTIONS AND PRICE ACTION
@7:35 entered feeler size, volume dried up, lack of interest, reasonably so
@8:02 took stop when $5 support broke and held lower
KEY TAKEAWAYS
• Poor catalyst, overall premarket sentiment not particularly bullish, no surprises here
• Just avoid catalysts like this in the future, they never follow through
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2022-03-23 07:35:53 | RZLT | buy | $5.210 | long |
| 2022-03-23 08:02:51 | RZLT | sell | $4.840 | long |
| 2022-03-23 08:02:51 | RZLT | sell | $4.840 | long |
| 2022-03-23 08:02:51 | RZLT | sell | $4.840 | long |
| 2022-03-23 08:02:51 | RZLT | sell | $4.830 | 0 |
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