( Bionano Genomics
) is forming a textbook bull flag
. This comes on the heels of a share offering, which is important. Share offerings dilute the value of the stock in the short term, but if general sentiment remains bullish
, provides a buying opportunity for a takeoff after the retracement. Well, now we also have a bullish
continuation pattern in the form of a bull flag
, which sets us up beautifully because we don't have to guess. We can wait for a breakout or a rejection here. If we get rejected I'll be laddering my buys from $4.50 to $3.50. More prudent traders can just wait for a breakout or a breakdown of the pattern without even buying.
It's all about not navigating these waters
blindly. Patterns are our north star in this brutal game.
Immediate targets in the case of a breakout are $7, but due to all of the fundamentals around this company I believe double digits is inevitable.