Buy the Dip on Quidel

27 thg 8, 2020

Down +30% on no company specific news today. "While there is no stock-specific news for Quidel today, the company's stock might be hurt by news that Abbott Laboratories (ABT) has received an Emergency Use Authorization from the U.S. Food and Drug Administration for a COVID-19 portable antigen test that will deliver results within 15 minutes. The test, BinaxNOW COVID-19 Ag Card, will be priced at $5." nasdaq.com/articles/stock-alert:-quidel-tumbles-34-2020-08-27

The dramatic dip today plays right into the Elliott Wave count I was tracking. On the daily time frame this is a clear 3-wave decline for wave-4. This pullback has already found support at the 61.8% fib. Notably the 200 day moving average was support and the weekly 50 ema is support at current prices.

Quidel is a leader in diagnostic testing which includes covid-19 tests. I believe this company has strong long-term tailwinds and this is a market over reaction.

28 thg 8, 2020

Ghi chú

Bullish hammer candle on the daily with high volume and there's still a large gap to fill!

21 thg 9, 2020

Ghi chú

Very happy with how this trade is progressing. Expecting resistance at $204.80 at the confluence of the circle wave 3 fib retracement level of 38.2% and the 4 hour 200MA. Still watching to see the gap fill at $220.

1 thg 10, 2020

Đóng lệnh: đạt mục tiêu

Great trade! Now that the gap is filled and we can count 5 waves up from the low, I am expecting a pullback and have closed my call option. For the long-term investor, I still believe this will hold as an excellent entry and I continue to hold shares.

Will be watching for now. A wave 2 or wave b could be another excellent trade setup.