Before I get into it, I just wanted to give a shoutout to the chatroom and the moderators.
Yesterday, there was fantastic idea flow and collaboration in the chat, along with good vibes and, of course, some quality banter!
Special shoutout to Joe H, who had the following to say about the chat: “I absolutely love the service and knowledge I have learned from Jeff and everyone in the chat group.”
Let’s keep it up, Gang!
If you are a member, you will know about the stock I am about to speak of. This is a stock I have written about before and traded before.
Yesterday, I spoke about this stock live in the chatroom, traded it live, and posted my thoughts and game plan for my members in a video for them.
ILUS, according to octmarkets.com, is a public M&A investment company operating out of New York, London and Dubai focused on adding shareholder value by innovation and growth. The company primarily focuses on acquiring businesses in the Technology, Engineering & Manufacturing space globally.
Market Cap: 509M
Outstanding Shares: 1.2B
Yesterday the stock closed up 13.04% and certainly grabbed my attention.
But the fact that the stock closed up over 13% wasn’t the only reason that caught my attention.
First of all, I love the chart pattern and setup. The stock had a big run-up, beginning in August, and has continued to consolidate near the highs from September. That, to me, is very bullish.
Secondly, I like how the stock, yesterday, was able to close above the 5d MA and the 50d MA. Next up, I would like to see the stock, in the short-term, break above the 20d MA and firmly hold above.
Thirdly, I like the reversal candle from three days ago (circled in blue), followed by two consecutive higher low and higher high days, signaling a short-term trend reversal.
I entered the position on a slight pullback, at $0.41.
I am looking at exiting in the mid to high $0.40s and possibly the $0.50s if the stock breaks out and gathers momentum.
For now, my stop is around $0.36.