$BNGO retraced to support
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Hello traders, investors, masters, and apprentices. Let's take a look at BNGO, one of the hottest genomic stocks at the moment. They have been rallying on the good news of their Saphyr system for optical genome mapping (bit.ly/38WkC75). Today the price headed against the IPO opening price but could not break it.
In the after hour trading, this piece of news was released: "Bionano Genomics Inc. on Tuesday announced its second share sale in less than a month amid an unexplained spike in its price and volume, sending shares down in after-hours trading. Bionano did not disclose a targeted number of shares nor price in its offering, but the stock still fell more than 8% in the extended session. Bionano previously sold 29 million shares at $3.05 a share less than two weeks ago, as shares traded on the open market for more than $5. The stock has since continued to ride higher, closing at an all-time high of $9.14 Tuesday. Bionano shares traded for less than $1 for much of 2020, before prices..." (on.mktw.net/38WIsQ8)
Well, despite the fall (mainly on account of the news, I believe), BNGO is on a very bullish trend so it seems like this may be a good opportunity to get in because the price dropped to a historic level that was strong resistance in the past (white rectangle) and would likely become support now. That level is also our first fib retracement. There is a good chance the price will hold there. BNGO rallied over 1000% the past month and the indicators on the monthly, weekly, and daily still show bullishness. I am most likely entering a position tomorrow. I have traded BNGO a couple of times the past week for some decent profit. If this support holds it may be an opportunity to start a long term position. Price could obviously fall from here but I think it is worth keeping an eye on this one and see how it reacts to the support tomorrow.
Daily chart:
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Follow for more:
I have an outstanding winning rate (check my other charts). If you want the best entry/exits just follow me, you won't regret. Thanks a lot!
***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
In the after hour trading, this piece of news was released: "Bionano Genomics Inc. on Tuesday announced its second share sale in less than a month amid an unexplained spike in its price and volume, sending shares down in after-hours trading. Bionano did not disclose a targeted number of shares nor price in its offering, but the stock still fell more than 8% in the extended session. Bionano previously sold 29 million shares at $3.05 a share less than two weeks ago, as shares traded on the open market for more than $5. The stock has since continued to ride higher, closing at an all-time high of $9.14 Tuesday. Bionano shares traded for less than $1 for much of 2020, before prices..." (on.mktw.net/38WIsQ8)
Well, despite the fall (mainly on account of the news, I believe), BNGO is on a very bullish trend so it seems like this may be a good opportunity to get in because the price dropped to a historic level that was strong resistance in the past (white rectangle) and would likely become support now. That level is also our first fib retracement. There is a good chance the price will hold there. BNGO rallied over 1000% the past month and the indicators on the monthly, weekly, and daily still show bullishness. I am most likely entering a position tomorrow. I have traded BNGO a couple of times the past week for some decent profit. If this support holds it may be an opportunity to start a long term position. Price could obviously fall from here but I think it is worth keeping an eye on this one and see how it reacts to the support tomorrow.
Daily chart:
Share the love:
If you get anything out of this TA, please like the chart so it moves up and others can benefit from my work. A simple click on the like button goes a long ways.
Follow for more:
I have an outstanding winning rate (check my other charts). If you want the best entry/exits just follow me, you won't regret. Thanks a lot!
***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
Commento
Huge drop pre market:Commento
Entered a position during pre market. Already 12% up!Commento
The magic of TA: look wehre BNGO has been sitting:Commento
If you bought 
BNGO at $7.45 yesterday like I did you would be pretty happy now. :) Commento
Not bad if you bought the bottom:
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