ATLAS PIPELNE HLDING (AHD) Failed Breakout
So, I was watching this stock pretty closely today ATLAS PIPELNE HLDING (AHD) because it was on the verge or breaking out from it’s previous high at $7.00. As you can see from the chart when it was gaining on a breakout point of $4.50ish the first time it broke and shoot way up. I was expecting it to do the same here at $7.00, but from not a very strong market it was having trouble holding on to that point mid day. I bought in at $7.41 with a bad fill i was aiming for around $7.35ish, but i thought w.e i this thing will take off soon. It shot up to a high of $7.45 and headed down from there. I have a tight stop in at $6.93 which is slightly below the breakout point. I will give this thing one more day, if i get stopped out then so be it and i cut my losses quickly,learn and move on! I have a small position since it was a risky play, but hopefully the market will open up strong tomorrow and this thing will breakout for which i expect it to. This was a total breakout speculation trade, this company is not doing well with a horrible balance sheet with over 1billion that’s right a billion dollars in debt, it is has a current market cap of $194million dollars which is pathetic compared to what it use to be. Tomorrow will be the test, lets hope it goes to the moon and squeezes out some shorts :) .
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