$ASST - A lot of hype right now because @mikealfred announced he bought in with 1 million shares on Friday. Here's where I could see the price action heading in the next week, with one big warning. Read on!
I started buying on Oct. 20th (Monday) when the daily trend flipped to green - see the first chart. The price did go lower in the middle of the week, but when it flipped to green is a great risk/reward, in my opinion, to start an initial position.
In looking at the chart, the most likely levels where the stock will see resistance will be at volume shelves and the tops of daily gaps.
Going up, in order:
$1.55 - Top of the lowest daily gap
$2.45 - Start of a volume shelf (price consolidation)
$3.30 - Top of the next daily gap
$3.57 - Nice resistance level from previous price action and the .236 fib retracement level.
$5.30 - .382 fib retracement level.
When Mike first announced he joined the board of $BKKT, the price rallied about 300% in the following week, so that is one data point we can consider.
If the price action is similar to $BKKT's, then there will be a lot of peaks this coming week - candles with long upper wicks because the price spiked up and rapidly sold off.
I'm going to take it one level at a time and just watch price action. I think it's very likely it gets into the $3.50 area based on the fib level, resistance, and $BKKT's 300% run up. That would be the ideal place for me to most likely close all my calls.
As for my shares, I'm just going to watch the daily trend chart and sell when it starts to turn down (red). If you follow me, you'll know when that happens, as I'll call it out.
Now, for the warning:
$ASST had a dreaded PIPE unlock event that went into effect on October 12th. That means all the investors/institutions who have warrants at $1.35 can freely sell those at any time now. That's 555 MILLION shares that could be dumped this coming week as the price gets above their price of $1.35 - that could cause a lot of downward pressure and keep the stock price suppressed.