StuartTabor
Short

NEWA in for a Major Consolidation

NASDAQ:NEWA   NEWATER TECHNOLOGY INC
Wow, what a week for NEWA . Up over 50% in the last week this stock made major moves when the bulls rushed in to seize up cheap shares of a good company after it's presentation last week at the 2017 Disruptive Growth Conference in NYC.

With respect to the 50 day moving average, the stock trades comfortably $8.50-$11 range, and I can see this company selling off towards those levels this week.

I got in a bit early last week at $13.33 but I can't see this trend holding. So here is my game plan for a short trade with a time frame of a couple days.

Entry/Increase Short Position: $13.48

TP1: 50% position @ $12.00
TP 2: 30% position @ $11.00
TP 3: Close out position @ $10.00

Comment: Still in trade NEWA opened up down 4.5% waiting for it to reall start selling off heading into the afternoon.
Trade active: Setting SL to 15.25

Comments

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