BLRX Weekly Analysis: Falling Wedge + Monthly Bullish Divergence
Updated
Analyzing BLRX on the weekly timeframe, the stock is showing a classic falling wedge pattern, a bullish reversal formation.
• Key Support: Holding strong at the $.40 level.
• Target: $1.00 +, Near strong resistance level.
SL: $.35 & $.31
Why This Chart is Interesting:
1. Bullish Divergence: Monthly timeframe shows momentum weakening on the downside. Oscillator divergence signal a possible trend reversal.
2. Volume Decline: Typical of a falling wedge, volume is decreasing, signaling accumulation before a potential breakout.
Watch for:
• Breakout Confirmation: Close above the descending trendline with strong volume.
Let me know your thoughts—bullish or bearish? Are you watching this potential move? 🚀
#BLRX #TechnicalAnalysis #StockMarket
• Key Support: Holding strong at the $.40 level.
• Target: $1.00 +, Near strong resistance level.
SL: $.35 & $.31
Why This Chart is Interesting:
1. Bullish Divergence: Monthly timeframe shows momentum weakening on the downside. Oscillator divergence signal a possible trend reversal.
2. Volume Decline: Typical of a falling wedge, volume is decreasing, signaling accumulation before a potential breakout.
Watch for:
• Breakout Confirmation: Close above the descending trendline with strong volume.
Let me know your thoughts—bullish or bearish? Are you watching this potential move? 🚀
#BLRX #TechnicalAnalysis #StockMarket
Trade closed: stop reached
I am not closing the trade here, but for the purpose of this post it is closed. I believe this to be an overreaction, typical of bio companies. Averaged down, targets remain. Gaps to fill now at .50.
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