Botanix Pharmaceuticals Ltd (ASX:BOT) is a clinical stage cannabinoid therapeutics company. The company focus is the development of safe and effective topical treatments for serious skin conditions. It has an exclusive license to use a proprietary drug delivery system - Permetrex for direct skin delivery of active pharmaceuticals in all skin diseases. The company's product pipeline includes BTX1503 - Moderate to Severe Acne, BTX1308 - Plaque Psoriasis, BTX1204 - Atopic Dermatitis, and BTX 1701 - Mild Acne.
Since posting my last idea on the 16th JAN, I thought since we are at another critical level to revisit the Idea and look at 3 posible forecasts.
1. Bullish
- Respect Upward Channel
- MACD weak and anticipating Bullish Cross
- RSI Trending Bullish towards the 50.00 Level
- TB Fib Extension level 1.618 aligning with upper band of Channel
NOTE: price will need to see some Strong Volume and Bullish movement to break through the Ichimoku Cloud internal of the channel (could we be so lucky to receive an announcement worthy?)
2. Bullish off Daily Support (EQ)
- If price is to break Uptrend Channel then a fall to Daily Equilibrium (Support) is likely. RSI is still below the Bullish 50.00 and MACD yet to cross Bullish. Price would also have to break through the Bearish ichimoku cloud that is identified. I think that lack of news and investment frustration could see price fall before a potential Double/Triple Bottom.
3. Bearish
- Break of Upward Channel
- Break of Daily Support
- TB Fib Extension Targets aligning with key levels of Support
- RSI would break uptrend
- MACD would spread and continue Bearish
NOTE: If price manages to fall below Daily Support then I would expect opportunistic buying at former levels of support before reversal.
The "boys" holding this down are getting weaker and starting to sweat IMO GLTAH
Disclosure: Held, Sentiment: Buy
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."
Since posting my last idea on the 16th JAN, I thought since we are at another critical level to revisit the Idea and look at 3 posible forecasts.
1. Bullish
- Respect Upward Channel
- MACD weak and anticipating Bullish Cross
- RSI Trending Bullish towards the 50.00 Level
- TB Fib Extension level 1.618 aligning with upper band of Channel
NOTE: price will need to see some Strong Volume and Bullish movement to break through the Ichimoku Cloud internal of the channel (could we be so lucky to receive an announcement worthy?)
2. Bullish off Daily Support (EQ)
- If price is to break Uptrend Channel then a fall to Daily Equilibrium (Support) is likely. RSI is still below the Bullish 50.00 and MACD yet to cross Bullish. Price would also have to break through the Bearish ichimoku cloud that is identified. I think that lack of news and investment frustration could see price fall before a potential Double/Triple Bottom.
3. Bearish
- Break of Upward Channel
- Break of Daily Support
- TB Fib Extension Targets aligning with key levels of Support
- RSI would break uptrend
- MACD would spread and continue Bearish
NOTE: If price manages to fall below Daily Support then I would expect opportunistic buying at former levels of support before reversal.
The "boys" holding this down are getting weaker and starting to sweat IMO GLTAH
Disclosure: Held, Sentiment: Buy
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."
