Strong Support: BNGO presents a buying opportunity.
Market Structure: The weekly chart shows the completion of impulse waves 1, 2, 3, 4, and 5, and now we are entering correction waves ABCD.
Stop Loss: Set at the Fibonacci extension of 127.2 (equivalent to $1.10).
Profit Targets: Fibonacci Retracement between 0.5 ($10.7) and 0.618 ($13).
First Target: $10. Here, I suggest taking 20% of the profits.
Second Target: $12. At this level, taking another 20% of the profits is recommended.
Final Target: $24. This is the point where I recommend taking the largest portion of the profits, which is the remaining 100% of the position.
PS: From my perspective, I plan to keep 20% of my position until it reaches $40.
Risk Management: My strategy involves a clear plan for taking profits at various levels, aiding in risk management, and securing gains.
Personal Opinion: This reflects my opinion, and I encourage others to consider taking profits in a staggered manner, as per my suggested levels.
It's essential to understand that this is a personal viewpoint and strategy. Market conditions can shift unpredictably.
Traders should do their own research and assess their risk tolerance before adopting any trading strategy.
Please be aware that this analysis represents my perspective and is not professional financial advice. I am not a financial advisor. Each individual should research thoroughly and consider all risks before making investment decisions. Markets are inherently unpredictable, so informed and cautious trading is always advisable.
@nickfrom718 it reminds me of December 2020 when the market exploded 💰
aialchemist
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As of beginning of this year, NOBODY is shorting this company. There is significant volume from last year, but nobody added to it or expects price go below $1
@nickfrom718, I wouldn't aim for ATH, $14 is high enough. However as companies like EDIT, NTLA, BEAM will mature and begin have strong revenue, then I will expect BNGO to pump back to its ATH
stil022
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What reality do you live in that makes you think that this stock can reach even $7, let alone +$23…it’s been dead for 2 years now
MarketSphere
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@stil022, Based on various factors including balance sheet analysis, historical performance, and projections from the top five analysts, the stock of BNGO (Bionano Genomics) is anticipated to reach $24. Bionano Genomics is renowned for its innovative products and services, which are crucial in providing clinicians and researchers with actionable insights, particularly in specialized fields such as oncology, genetic diseases, and cell bioprocessing
stil022
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Same as the last two years, analysts have their expectations wrong. The expectations were never reached. I agree balance sheet looks solid and the entire company is prominent overall, but imo the only way for this to explode is to get bought by another big biotech. Bngo on it’s own can’t do much, based on my holdings the last two years
aialchemist
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@stil022 I think this company is important in connection to all other growing genomic industry - companies that actually develop gene therapies will heavily rely on patients first getting genome testing done to see if they are eligible , such as EDIT, NTLA, BEAM - so these companies will indirectly will pump Bionano