Pure technical trade alert. Over 4700 call options bought from March strike price of $8, off the ask at $0.30 I bought 10k@ $6.30
We see above the options bought, that's a big bet here of over 142k. Additionally, there is a "suicide short position" of 8.6M shares since 1/15/2014 that will could provide a big SPIKE short squeeze action very soon. Option bet and charts seems to indicate this will happen.
Charts:
$NEON is setting up for a very large breakout likely to test the 52 week highs. Today's move is only the first breakout move out of the wedge. If the stock sees continued strength above 6.50 it can very easily push past minor resistance at 7.00 and push the highs. Short term PT- $7, Medium term PT-$7.55. Long term PT- All time high over $9.00+
