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Synta Pharmaceuticals Corp. Message Board

  • jfk123_1 jfk123_1 Sep 25, 2013 11:07 AM Flag

    Now shorts will have to defend 6.26 with all their might. A move through 6.26 is complete reversal.

    6.26 was yesterday's triple intra day bottom which was breached on volume this morning. A move through that will indicate a reversal and the next point today or tomorrow would be 6.47 - the resistance previously defended successfully by shorts.

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    • JFK. i think you just called this one brother...... shorty just got caught in "Long Trap"

      Sentiment: Strong Buy

      • 2 Replies to stewart_rose1975
      • Stewart - starting to register odd size fills. Usually indicates that shares are running out and that MMs are no longer active filling larger orders - usually indicates pure retail/small traders left in the move. The odd size fills have been coming on sales into the bid. I view this as a positive. Will be interesting to see how this goes from here to close, but I wouldn't be surprised if we go green. If not, then we might see a retest of 5.90 to set the hard double bottom. But looks like the selling pressure is starting to run a bit short (no pun intended).

      • Not yet stewart_rose1975. This has to breach 6.26 with volume. A move green would be EXTREMELY bullish. That said, today's set up was just too good to be true. The shares purchased at 5.92 have already returned 5%. I can either hold or trade out if the 6.26 sticks. I am likely to just hold as cost basis of the long position has effectively been reduced and yield added over the last few days. The question is whether we can close green today and whether we can breach 6.47 on volume to the upside. If so, we set up a direct attempt on 7.10, and my bet is that this time shorts will cave in and decide to protect a higher level, which could be over 10 given all the shorting that has gone on over the last several days and needs covering.

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