$BNGO can reach possible reversal point soon!
Previous days, we saw massive correction on markets, that made BNGO follow overall market sentiment, which somehow made the stock change its direction from short-term price targets ( Targets which were strengthened by company news, technical indicators, trendline analysis, and Elliot waves analysis). During downtrend, stock reached its weekly support on EMA's and bounced back. For now we see possible reversal and breakout points to be watched. BNGO finished patenting its product and also acquired sales strategy and lots of positive news are dropped around it. Maxim analyst Jason McCarthy that was an early champion of the cytogenetics specialist, he believes the platform is in the early stage of its usage and its potential is only stating to be recognized, one month after he updated current trend price target to 14$ once again. Check Bngo official website for all the main news.
Currently on 4h chart, we see BNGO is under 50MA but above 100MA, which explains its situation a lot. We see main break out line and areas that needs to be watched are highlighted on the chart. The price first needs to break out from current main resistance that it will meet soon. If happens so, MACD and 50MA will react on it instantly giving buy signals. Later if other resistances are broken easily we can see price going higher and higher.
If it doesn't go bullish FOR SHORT TERM because of market situation, again same areas can act as supports.
+ Also keep in mind to watch overall market and economical situation if you are holding BNGO for short period.
not financial advisor// do your DD
Currently on 4h chart, we see BNGO is under 50MA but above 100MA, which explains its situation a lot. We see main break out line and areas that needs to be watched are highlighted on the chart. The price first needs to break out from current main resistance that it will meet soon. If happens so, MACD and 50MA will react on it instantly giving buy signals. Later if other resistances are broken easily we can see price going higher and higher.
If it doesn't go bullish FOR SHORT TERM because of market situation, again same areas can act as supports.
+ Also keep in mind to watch overall market and economical situation if you are holding BNGO for short period.
not financial advisor// do your DD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.