As you probably know by now, me no likie COIN. Not only is it a pumped up penny stock–in the truest sense–they’ve got less revenue than my publishing company BullShip Press (seriously!), sketchy promoters/PR people galore and a whole host of other problems I don’t feel like digging through because I value my kneecaps, but now, as PennyStocking DVD student Jeff “The Man” Rogers pointed out, their stock is the perfect example of a multi-month head and shoulders breakdown chart pattern, the most reliably bearish pattern there is.
Now, the pumpers/amateurs who are drunk on the company’s rather refined PR machine-induced Kool-Aid, are adding shares here, desperately trying to hold support in the mid $7s–the only problems are a.) given their naivety they don’t have much capital b.) the absolute joke of an earnings release the other day makes Dennis Gartman look like the fool/classy pump and dumper that he is and c.) as THESE charts show, this turd of a company is in the grips of the flip side of the Supernova chart pattern (can ya guess what product you can buy to hear me explain them all!?!?!), kinda like death/the SEC itself.
So am I short? Nah, a.) I wouldn’t be surprised to see the company issue some fluffy news release to try to squeeze shorts b.) I suck at trading lately c.) I gotta save my buying power for potential gains on FPP and PDO reversals as this could be a multi-week/month breakdown of only $2-3/share and d.) It’s much more fun/fulfilling poking holes in these inflated balloons while my students profit (JR already covered his short for $1,200 in profits for basically 1 day of work!)
Posted in Breakdowns, Criminals, Haters, Manipulation, Patterns To Short, Short Selling