EDC had been languishing around 6.80 ever since the tender offer of 7.25 for huge block of its shares was announced.
Bought half position on 9/26 around 3:14 at 4.92 and 4.80 where it traded last.
Bought next half position at the open 9/27 when it opened higher.
I was concerned going into this trade because I couldn’t comprehend why it dropped so far so fast. Nevertheless I got tempted and went in.
Sold half 9/28 at 5.30 when I felt it was weak on the 5min chart.
Later bought it back and then some at 5.50 when it made a new 5min high.
Sold half 9/29 at 5.62 when it closed at the lows after testing high.
Remaining positions will be closed at 5.50 and 5.46 or 6.92.