BNGO (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.
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BNGO broke out of the bull flag perfectly. Going back to $7 at least in my view.
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This flag could've literally been in a text book. Hopefully you guys entered the trade. Massive profits today fam 💪🏽
For someone who doesnt have a position in BNGO and missed the dip, should they enter now before the breakout? Or perhaps buy some now and some after breakout/breakdown?
Benson_KL
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Thanks for that, very nice.
I missed on BNGO but don´t want to FOMO into to it.
Keep up the good work.