The current chart of the German biotech company BionTech might suggest that the price hits a stronger support zone, leading to a possible end of the ongoing downtrend.
When viewing the trendline and Fibo retracement levels in the chart, a possible support zone between 60 and 64 USD emerges, giving a bit of confidence that we might see a switch into a sideways trend soon.
RSI and MACD support this opinion, although they have not provided a clear signal (yet).
Results of the ongoing clinical trials (phase III) are planned to be released in October, which could lead for buyers and sellers to take a neutral position before the results are getting published.
This is not an invitation to trade this stock, just posting my opinion.
When viewing the trendline and Fibo retracement levels in the chart, a possible support zone between 60 and 64 USD emerges, giving a bit of confidence that we might see a switch into a sideways trend soon.
RSI and MACD support this opinion, although they have not provided a clear signal (yet).
Results of the ongoing clinical trials (phase III) are planned to be released in October, which could lead for buyers and sellers to take a neutral position before the results are getting published.
This is not an invitation to trade this stock, just posting my opinion.
Trade closed manually:
I hit the wrong spot and was wrong