So Bioartic is still looking very good from a fundamental point of view. If you are looking to buy (again), I've looked at several scenarios.
First of all BIOA_B is consolidating between 2 support/resistance areas and has just broken it's upward trendline, so a correction is definitively a possibility.
If looking for a target for that correction, around the 78-80 support area looks very good as it will be the top of the weekly cloud (not shown here) and the 0.618 fib retrace of the most recent impulse.
So what are the scenarios?:
1. RED We get the retrace after some more consolidation and then breaking support.
2. ORANGE We get a quick lunge up to the upward trendline again as a retest, but then it fails and falls back down.
3. GREEN We have consolidation, but never get the retrace. Instead BIOA_B breaks resistance, retests the new support and continues up.
So what's the best way to approach this?
- If it breaks upwards, you have to wait for the retest and see if it can find support (green circle on green scenario).
This is how you can distinguish between the ORANGE and GREEN scenario. With orange it will fail to find support on retest, with green it will find support.
- If it breaks below the consolidation, you simply keep a close eye on the 78-80 support and wait for bullish behaviour in this area (green circle around 0.618 fib).
That's it for now!
First of all BIOA_B is consolidating between 2 support/resistance areas and has just broken it's upward trendline, so a correction is definitively a possibility.
If looking for a target for that correction, around the 78-80 support area looks very good as it will be the top of the weekly cloud (not shown here) and the 0.618 fib retrace of the most recent impulse.
So what are the scenarios?:
1. RED We get the retrace after some more consolidation and then breaking support.
2. ORANGE We get a quick lunge up to the upward trendline again as a retest, but then it fails and falls back down.
3. GREEN We have consolidation, but never get the retrace. Instead BIOA_B breaks resistance, retests the new support and continues up.
So what's the best way to approach this?
- If it breaks upwards, you have to wait for the retest and see if it can find support (green circle on green scenario).
This is how you can distinguish between the ORANGE and GREEN scenario. With orange it will fail to find support on retest, with green it will find support.
- If it breaks below the consolidation, you simply keep a close eye on the 78-80 support and wait for bullish behaviour in this area (green circle around 0.618 fib).
That's it for now!
