TRXC COMPLETING AN AB=CD PATTERN?I'm looking to the price action to see for a possible completion of this AB=CD pattern. Let's see if there is a breakdown on this small degree uptrend. A strong breakout above the 2,25$ level invalidates this setup.
TRXC
TRXC - SHORTI've known for a while that TRXC is a pump but the stock have held pretty well. Then on Friday this expose bit.ly came out on Seeking Alpha with the title "Watch For A 60% Decline After Stock Promotion And Disappointing Sales". It dropped a bit but not really much. Knowing it's a short-squeeze-friday, I waited for a bounce and shorted at $3.85.
I held my position over the weekend because I knew this news will be read by people during the weekend.
Premarket today it dropped 9 % and was heading in the right direction. When the market opened it dropped quickly with 17 %. The morning low was at around $2.92 and my target was $2.90. But it didn't reach my target and bounced a bit and held the $3.00 level pretty solid. So I covered my position at $3.10 and took a safe 19,5 % profit.
I had a plan and it went pretty well.
TransEnterix Is Attempting To Break Out of a One Year Down TrendTransEnterix is developing the SurgiBot, the first device to directly compete with Intuitive Surgical. In April of 2014, TransEnterix priced their secondary offering on the worst day the Nasdaq had experienced since 2011, which sent their secondary offering price from the $8.00 range to $4.00. In June of 2014 the company was included in the Russell 2000, which resulted in a runup to the $6.00 range. TransEnterix delayed the filing of their SurgiBot device by 6 months in November, which caused the one month sell off to an all time low of $1.50. Now that the company is nearing FDA submission of the SurgiBot, and after several presentations at health care conferences, TRXC is attempting to buck the down trend once and for all. I'm long TRXC, from a fundamental perspective, rather than a technical one. The first fib retracement from April 2014 highs to December 2014 lows is $4.30, then near $6.00
