Botanix: Dead Cat Bounce?
Recent events have caused what was a 'guaranteed' FDA approval price-pump to fall 40+% at their low (so far) with FDA requiring additional 'Patient Instruction update'.
I'm looking for a short term move back to .14-.15 on bullish divergence, bearing in mind there's a much larger hidden bearish divergence occurring simultaneously. I don't believe we breach .15 and feel that we will reject again heading back to test .115 with likely lower prices to come. Should the price go north of .14-.15 I'm taking profit around .165 at the latest as I anticipate that's where sellers will step in again.
While sentiment on the company remains relatively positive, it's wise to remember the stock closed January at .058 before heading on a 262% increase at it's peak in September. We're looking at a revised approval date for Botanix's lead product Sofpironium Bromide of mid-2024; still some eight months away. It feels naïve of me to expect the stock to not go lower first and that it will somehow hold it's recent lows before heading North to the .16-.20 and wait there for eight months.
I'm looking for a short term move back to .14-.15 on bullish divergence, bearing in mind there's a much larger hidden bearish divergence occurring simultaneously. I don't believe we breach .15 and feel that we will reject again heading back to test .115 with likely lower prices to come. Should the price go north of .14-.15 I'm taking profit around .165 at the latest as I anticipate that's where sellers will step in again.
While sentiment on the company remains relatively positive, it's wise to remember the stock closed January at .058 before heading on a 262% increase at it's peak in September. We're looking at a revised approval date for Botanix's lead product Sofpironium Bromide of mid-2024; still some eight months away. It feels naïve of me to expect the stock to not go lower first and that it will somehow hold it's recent lows before heading North to the .16-.20 and wait there for eight months.
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