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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Ambarella Inc (NASDAQ: AMBA) shares were trading lower by $1.50 at $117.76 in Wednesday's session. The issue is once again being targeted by Citron Research as an overvalued company. Earlier today, the firm published additional information that they believe will contribute to breakdown in the issue.

After Citron's first report on June 19, it induced a quick decline from its all-time high at the time ($127.12) to as low as $93.06 the following day. However, it recovered to make a new all-time high at $129.19 on July 23 and posted its all-time closing high the following day at $124.23.

With the issue once again at the $120 level, Citron is making another attempt to squash the rally.

After the report was released, Ambarella swooned to $115.50, but has recovered back to the $118 level. The current low coincides with a pair of lows from July 21 ($115.10) and July 22 ($115.25).

Posted-In: Citron Premarket outlookShort Sellers Technicals Intraday Update Movers Tech Trading Ideas


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