FGEN A Biotechnology Penny running to earnings LONG
Updated
FGEN has been uptrending for two weeks. In November's earnings it beat on revenue and
burned less cash than projected. Another earnings report is impending. On the 30 minute
chart, price has pumped 250%. The volume is okay but is not showing a rise and the price
volume trend is flat. This is an unusual pattern. The mass index indicator shows hints of
getting into the threshold and trigger zones. The dual TF RSI shows both low and high TF lines
in the 60s. I am inclined to watch this, the price rise without corresponding volume increases
seems to run against Wychoff theory. I will put it on a watch list. As a speculative penny
stock with no earnings I will leave it alone until I see increased volume and volatility at
earnings. Could there be some manipulation hidden behind the chart?
burned less cash than projected. Another earnings report is impending. On the 30 minute
chart, price has pumped 250%. The volume is okay but is not showing a rise and the price
volume trend is flat. This is an unusual pattern. The mass index indicator shows hints of
getting into the threshold and trigger zones. The dual TF RSI shows both low and high TF lines
in the 60s. I am inclined to watch this, the price rise without corresponding volume increases
seems to run against Wychoff theory. I will put it on a watch list. As a speculative penny
stock with no earnings I will leave it alone until I see increased volume and volatility at
earnings. Could there be some manipulation hidden behind the chart?
Note
Sideways for now.Trade closed: stop reached
Trade active
Chasing here and reopened the trade long.
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