Actually played this today purely just because it looked like it had decent relative strength to SPY but turns out it could be setting up for a short squeeze.
From the charts, when SPY first dropped down to 380, we saw CRSP drop down to about $40. Then when SPY dropped again down to 380, CRSP set a higher low at around $50. Every area of consolidation over the past month or so on SPY has been positive movement on CRSP, from the charts it just looks bullish as hell. Obviously the only problem is we’re in a bear market so the risk is there that SPY could continue to dump.
The good thing is that support is getting higher. The first sell off bounced off $50, and the second bounce off $60. I’d make an entry at $60. This time around it reached $75 on lower volume compared to the other dates. I would say steam is running out on this ticker.
CRSP is also making higher highs and higher lows. I would like someone who’s smarter than me to take a look at this because it seems like shorts are underwater and it looks like it could be a good play.
Edit1:
OBV also shows there’s more buying pressure coming in the last 20 days.
