LXRX 3/10/2021
Updated
Daily Chart Analysis:
This stock is coming off a lengthy distribution phase between 5.99 – 20.00 which lasted around 3580 days. The price then made it downwards move and found a support @ around 1.18. Over the past 530 days, the price was in an accumulation phase between 1.18 – 4.15 and after the occurrence of a Golden Cross, a sharp breakout move upwards of 121% occurred on 1/14/21. This breakout move broke thru two resistance areas; 4.15 and most importantly 5.99. Price has since made a pullback move back to 5.99 area and bounced off that area and the 50 ema. This is very importance because the area of 5.99 was a major support level previously. This is all very bullish and exhibiting very good buyer strength. Price looks to be entering an uptrend move and with price being at a previous support level. This will be my que for entry. I will investigate the lower time frame for possible entry.
1hr Chart Anlysis:
Here I will take a closer look at the break out move and its pullback for a possible entry. After the breakout move topped out at 9.40, it pulled back to 6.64 area where it then made a false breakdown move to 5.99 and rejected the lower prices and bouncing back above 6.64. At this point, price followed that move by breaking thru the downtrend trendline from the pull move.
1hr chart Entry –
The price has broken out from the pullback trendline and it is currently at 7.28. I am a little hesitant to buy it right now because the price might drop a little lower. Price is also in overbought territory in the Stochastic indicator. I would like it to come down to oversold territories but I also know that during a strong move, price can remain overbought for a while price continues to climb. My current price target is 6.75. IF I enter @ 6.75, THEN I will set my stop loss at 6.50(-3.75%) and IF I get stopped out, THEN I will look to reenter @ 6.00 with stoploss @ 5.75. IF I get stopped out @ 5.75, THEN I will not be reentering this trade.
I also know that the price might not come down to 6.75 and I will be ready for that. IF the price remains at the current price or falls to 7.15 and is caught and supported by the 20 and/or 50 ema, THEN I will enter trade and set my stoploss at 6.96. IF I enter at these prices and stopped at 6.96, THEN I will look to reenter at the prices mentioned above.
This stock is coming off a lengthy distribution phase between 5.99 – 20.00 which lasted around 3580 days. The price then made it downwards move and found a support @ around 1.18. Over the past 530 days, the price was in an accumulation phase between 1.18 – 4.15 and after the occurrence of a Golden Cross, a sharp breakout move upwards of 121% occurred on 1/14/21. This breakout move broke thru two resistance areas; 4.15 and most importantly 5.99. Price has since made a pullback move back to 5.99 area and bounced off that area and the 50 ema. This is very importance because the area of 5.99 was a major support level previously. This is all very bullish and exhibiting very good buyer strength. Price looks to be entering an uptrend move and with price being at a previous support level. This will be my que for entry. I will investigate the lower time frame for possible entry.
1hr Chart Anlysis:
Here I will take a closer look at the break out move and its pullback for a possible entry. After the breakout move topped out at 9.40, it pulled back to 6.64 area where it then made a false breakdown move to 5.99 and rejected the lower prices and bouncing back above 6.64. At this point, price followed that move by breaking thru the downtrend trendline from the pull move.
1hr chart Entry –
The price has broken out from the pullback trendline and it is currently at 7.28. I am a little hesitant to buy it right now because the price might drop a little lower. Price is also in overbought territory in the Stochastic indicator. I would like it to come down to oversold territories but I also know that during a strong move, price can remain overbought for a while price continues to climb. My current price target is 6.75. IF I enter @ 6.75, THEN I will set my stop loss at 6.50(-3.75%) and IF I get stopped out, THEN I will look to reenter @ 6.00 with stoploss @ 5.75. IF I get stopped out @ 5.75, THEN I will not be reentering this trade.
I also know that the price might not come down to 6.75 and I will be ready for that. IF the price remains at the current price or falls to 7.15 and is caught and supported by the 20 and/or 50 ema, THEN I will enter trade and set my stoploss at 6.96. IF I enter at these prices and stopped at 6.96, THEN I will look to reenter at the prices mentioned above.
Trade active
Entry: 7.43Stop: 6.87
Trade closed: stop reached
Stopped @ 6.87(-7.58%)Trade active
Re-entered tradeEntry: 6.73
Stop:6.38(-5.06)
Original plan to set stop @ 6.50 but to avoid premature stop, will set at 6.38
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