We’ve liked EKSO for a long time, and liked the accumulation area since March/May, and discussed it again in premarket 2 weeks ago – the spring: EKSO another one, with numerous springs and up 50% at one point this AM from recent lows – accum, on all time frames. But when a stock rallies 5x in less than 2 weeks, it has likely expended most or all of its energy/potential. In fact, an ancillary tool I use, point and figure charting, was “projecting” $4.75 from the $1 lows. Meaning be aware of a top in that price area. The high in EKSO was 4.77.
All of this discussion with a trading buddy is below – and explains why on Tuesday 11/21, as the crowd still loved EKSO, but my view was – I “didn’t care what EKSO did, didn’t care if it went to the moon, wasn’t touching EKSO, that volume is bearish, it needs a full reset”. Meaning, I was bearish for now, and was in no way looking to get long: