A Drive-Thru Setup

As I mentioned earlier today, CNAT off the gap higher in biotech land could be setting up for day-traders.

On the 5-minute chart, below, a $6.90-$7.10 bracket may be appropriate in terms of triggering either a short or long setup intraday, respectively. The edge probably goes to bulls given the gap higher and fairly orderly consolidation off the open, thus far (light blue lines).

But those are some levels to have in mind for triggers if you are looking for a drive-thru day-trade idea.