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Another earnings short-squeeze play is
AngioDynamics(ANGO), which is set to release numbers on Monday after the market close. This company designs, manufactures, and sells medical, surgical and diagnostic devices. Wall Street analysts, on average, expect AngioDynamics to report revenue of $84.35 million on earnings of 9 cents per share.
The current short interest as a percentage of the float for AngioDynamics is notable at 5.9%. That means that out of the 22.71 million shares in the tradable float, 1.47 million shares are sold short by the bears. The bears have also been increasing their bets from the last reporting period by 10%, or by about 133,000 shares. If the bears are caught leaning too hard into this quarter, then we could see a solid short-squeeze setup for ANGO.
From a technical perspective, ANGO is currently trading above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending very strong for the last three months, with shares soaring from a low of $10.34 to its recent high of $12.91 a share. During that sharp move higher, shares of ANGO have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed ANGO within range of triggering a near-term breakout trade post-earnings.
If you're bullish on ANGO, then I would wait until after its report and look for long-biased trades if this stock can manage to break out above some near-term overhead resistance at $12.91 a share with high volume. Look for volume on that move that hits near or above its three-month average action of 147,682 shares. If ANGO can trigger that move, then look for this stock to re-test or possibly take out its next major overhead resistance levels $13.67 to $14.80 a share.
I would avoid ANGO or look for short-biased trades if after earnings it fails to trigger that breakout, and then drops below some near-term support levels at $12.20 to $12 a share with high volume. If we get that action, then ANGO will setup to re-test or possibly take out its 50-day moving average of $11.54 a share. Any high-volume move below $11.54 could send ANGO back below $10 a share post-earnings.