FLGT
FLGT nice bounce from Fib level FLGT is one of my favorite stock for long term holding with very strong fundamentals. Sold some $90.00 Naked Puts as price rejects to break 0.618 level on 4 hour chart. Also 4 hour trendline broke with RSI at 46. For the scalpers/short term traders the first target should be 0.50 level.
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Fulgent Genetics’ next MoveWe see at points 123 that after every hot drop, we experience a bullish momentum. This is caused by the big boys who are waiting for a dip to get in. Now at point 4, we see a nice dip. I want to join the big boys and buy this one. Comment what you think below. Don't forget to click the like if you do. Thank you.
Fulgent tests positive for LongFulgent Genetics #FLGT specialised on genetic tests and now making tons of money on COVID-19 ones. They have also equipped hospitals with IT software for tests data processing.
Even with vaccines tests will be required for months ahead therefore #FLGT may have some more space to grow.
First target $65, then $80
FLGT bearish divergenceWhat a day, huh? The markets responded positively to the Inauguration but FLGT fell about 10% (13% but it then recovered some). Seems like it is time for a pause for this stock after a long and healthy rally.
TECHNICALS
Weekly
There is bearish divergence between price and rsi (also on the daily, obviously).
We can see that FLGT has been riding the 14/21emas pretty closely, except when it rallied rapidly. However, after those couple of strong rallies it retraced to find comfort on the 14-ema.
The current rally resembles very closely the one of the week of jun 27 2020 (white rectangles): then it galloped with fury and created 4 green candles in a row to then retrace to the emas. This rally also created 4 green candles and now we have a red candle. We still have a couple of days to the end of this week but I believe we could see that same type of retracement to the 14/21 emas on the weekly. Perhaps it could continue next week.
That would be about 24% more downside (I am using the .5 fib retracement as a guide since it is almost in confluence with the 14-ema at the time of this writing).
Daily
We can also see a bearish engulfing candlestick pattern, which signals potential reversal (not trend reversal, but more like a retracement here).
Price reacted to the 14-ema and 1.272 fib retracement (BTW, this is the new auto fib retracement tool; pretty cool) but I think there is more downside to come.
MACD on both
On the weekly the MACD looks healthy but on the daily it is starting to curl down. Remember that higher time frames react faster, specially to sudden turns such as this.
TAKE AWAY
This is obviously speculation (although highly technical) and the price could revert from other support on the daily but I will wait patiently and see if we get to $52 or close to that mark. I would start buying only if the price moves to support on the 14-ema on the weekly (not financial advise).
I am not an oracle so this doesn't need to happen but that is what the charts tell me.
It is late and that is all I saw. If I see other important stuff I will update this analysis.
Safe trades my friends!
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FLGT - home COVID test kit Emergency Use coming+ $FLGT pending Emergency Use for its Home COVID Test kit
+ COVID hospitalization and death at all time high
+ COVID expected to continue to surge through Jan-Feb
+ people reluctant to leave the house especially to hospital/COVID test loc. in fear of COVID
+ older people may have hard time leaving the house
+ more frequent tests needed for high risk jobs
+ short float 25.75% 14.23M shares
- vaccine news = decreasing max gains in the future
#tradeidea
+1 CALL Jan 15 $42.5
-3 PUT Jan 15 $40
+3 PUT Jan 15 $35
Enter on breakout confirmation of the wedge pattern.
Once price moves away, close the put spread.
Sell call after short squeeze.
FLGT, have I mentioned this before?Can you see why I love this chart? Still the far end is a little too loose for me. But I could make an exception and just have a bit of a wider stop or zoom in to a lower time frame. I dont really have any more room in my portfolio for another position, maybe ill have to dump something that is underperforming. We will see, no rush.
FLDM simple TL break as PCR testing at ATH's now versus antigen FLDM looking for a break of trendline as PCR testing at all time highs according to labs across U.S and turkey holiday coming