Taking a view from the long term I see the following:
1. Whenever volume has reached spiked in the past, it's led to a bullish or sideways move.
2. Whenever the MACD has reached current levels in the past, it's led to a bullish or sideways move.
3. We are currently at strong support (psychological 100 and previous long term resistance)
4. MACD histogram is...
Biotech stocks have been hammered over the last year, with many currently trading at or below book value.
A reversal is due.
Some indications of a reversal in the short term with possible test of 118-120:
1. Price broke last low but is currently forming a bullish hammer.
2. Bullish divergence on the MACD histogram.
3. ADX below 20 indicates sell off is weak.
1. Price near support + trendline.
2. Bullish divergence on the MACD.
3. ADX below 20 indicating that the sell off is weak.
4. Low volume sell off in line with rest of market/XBI.
5. Insider Dr. Timothy Springer (who made ~17000% on MRNA) keeps buying millions of shares above this level.
My favorite long term bio setting up for a bullish move.
Price bounced off support with a bullish hammer candle on higher relative volume, with bullish divergences on both the MACD and ADX.
Possible long setup in the short term.
Entry: 11,30 area
Short Term Target: 12,80 area
Stop loss: 10,50 area
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Fundamentally I expect this to go $100+ by 2025.
