Exela has cut its debt dramatically but has had poor financial performance. It SaaS product services banking institutions, which have been struggling. They have a reverse stock split vote tomorrow and an earnings report on 5/11. They have been notified of delisting for being under $1. ****This could continue to be a crappy performing stock.
However, I do like that its product is ISO 20022. This is huge.
However, from a technicals perspective: It just printed a double bottom at .0330. If that holds after the split vote tomorrow, we could see some major action. ***** If .0330 breaks, it will capitulate. Especially with a poor earnings report looming and R/S split looming. And next week might be the buy. No clue what the entry will be. It is printing bullish divergences on the monthly and weekly Cipher B Indicators.
My RISK rules for this trade: .0330 needs to hold. Buy now (HIGH RISK/REWARD) but put a sell limit at .0328 to mitigate risk. If .0330 breaks it will fly down. Buy tomorrow after the R/S vote if .0330 held. If .0330 breaks at any point in time, wait until after the earnings report on 5/11 for a new bottom.
Also, This is not financial advice. I day trade and swing trade. I do not buy to hold. I do not always update my ideas when I exit a trade. I do not have a target sell for this trade.
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Bottom dropped out. Volume is extremely high. Will re-visit next week after earnings report and reverse split decision.