Long post, inside my plan for this week
Quite Impeccable timing for these “two people” saying it’s finalizing this week. That drop from $64 to $52 range was picking up momentum going down and they clearly had to put out a PR to tickle the bulls back in. I would be very cautious if they aren’t finalizing the merger by 2/24/21 or sooner. If not, it will continue to creep down as people are swing trading this and finalizing reach support at $36 range and that’s not going to look good. My original exit plan was $35 before Super Bowl but unusual multiple $20m+ orders many times made me held longer and revise my thesis. We’ll see a lot of up swings and a lot of profit taking on Monday for sure, and should be the day it should peak out of the entire week, unless confirmation of the merger is locked in and now thesis will change to close some of my call position and convert and hold 50% of profits and convert into shares long term. I like the ceo, he has a vendetta against his old boss Elon to show what he’s made out of, and that’s what I like to see when competitors are going head to head in this EV space. (I’m long Tesla and Nio) just dancing in the rain from these rainmaking companies.
2/21 Monday: watch premarket at 1am and based on the momentum I’ll either exit all position at opening if it’s -5% or more premarket. But if gapping up +5% additionally to the aftermarket on last Friday I’ll hold and watch the first 15min price action to see for any sign of weakness and strength. The first 3hrs will give us clues on the direction, but be prepared for market makers to shake people out of their position to get a better price. So let the battle of emotions begin.
2/22: Tuesday: if I haven’t sold and believe the merger is confirming today or the follow two days I hold. If momentum from closing as of Monday’s price is broken i will exiting my position, since Monday should be the day where a lot of people will buy back in and get FOMO
2/23: if thesis is the same hold
2/24: if merger not confirmed 30mins before closing bell or if any of my thesis get triggered I’m out.
Good luck everyone. ill repost my plans again on sunday 1hr before opening bell just incase those didnt catch the first post.$Churchill Capital Corp IV
Disclaimer: The comments, opinions and analysis expressed herein are for informational and educational purposes only and shoulk not be considered as individual investment advice or recommendations. Webull is not responsible or liable in any way for comments posted by pur users.