August 19, 2022 10:29 a.m. EDT
(24/7 MARKET NEWS) – GigaCloud Technology (NASDAQ: MNMD) is yo-yoing and smart traders can make some money scalping the swings, but I seriously doubt that the smart money is parking their money here.
The Chinese based listing is trading at $27.84, up $12.15 (+77.44%), on over 9 million shares. It’s already hit a high of $41.98 and low of $24.81, and will have some more wild swings left, in which smart traders will take a quick 10, 20, 30 percent profit.
I’ve spent 5 minutes on due diligence on this one and it feels like the latest bag-holder setup. I have no idea when it’ll happen, but it’s very likely to be the latest scalp or be scalped play that you don’t want to be on the wrong end of and I wouldn’t want to hold this overnight, even if it means missing out on another gap up.
24/7 MARKET NEWS, INC Disclaimer
24/7 MARKET NEWS (“24/7 MN”) is dedicated to covering various underreported segments of the stock markets. Our goal is to help you to better understand these markets, but 24/7 MN is neither an investment advisor nor a financial advisor, and no information provided here is to be interpreted as a suggestion to buy or sell stocks or other investment products. All opinions, news, research, analysis, prices or other information contained on 247marketnews.com, its press releases, or other services are provided for educational purposes only and do not constitute investment advice. You are solely responsible for the investment decisions you make.
Please go to www.247marketnews.com or https://www.247marketnews.com/terms-disclaimer/ for further information.