VMW - VM Ware - Short Squeeze, Triangle
VMW was highlighted on last night's watch list. Despite gapping down this morning, it recovered nicely and formed a bullish bar right under the downsloping line of the triangle. I entered on a break of that bullish bar with a stop just below it.
My initial target was the 54.28 level (the 200% Fibonacci extension), which is right below the 50 day MA (~54.30), yet VMW started to form some longer wicks prior to reaching the 200% Fib. extension.
Keep VMW on your watch list. There is still a very high short interest and it appears to be turning higher.
In addition, stocks like CROX (47% short interest) and NTRI (65% short interest) are in similar situations.
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