CVTX Sell off!

What a dodged bullet!

CVTX comes out on Friday stating that the FDA has approved one of there drugs for chronic angina. The stock opens today above the $27 resistance line and then sells off the entire day to fall below the 50dma and to rest exactly on the 30dma. A true “sell on the news” cliche in real life. I expect a bit of a recovery from this sell off as the news was good for this company. However it may be difficult for it to break the $27 resistance line now.

AMZN fell back from resistance today. I will hold this trade through earnings which happens on Thursday.

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