EVFM - Trend reversal (up)!

NASDAQ:EVFM   Evofem Biosciences, Inc
EVFM was in a significant downtrend that saw it plunge from a high of 5.50 on 17 Feb to a final capitulation low of 0.74 on 18 May.

Since then it had consolidated between 0.75 to 0.92 for several weeks until 7 June when we see a GAP UP from 0.87 to 0.99 on significant volume.

This 1st gap in the opposite direction to the prior downtrend is likely the start of a new (up) trend, ie , a "breakaway gap".

I went Long @ 1.00 with initial stop @ 0.85. There are prior resistences on the way up and it we have to manage this trade accordingly. Profit targets are suggested where we are likely to hit into some resistences.

Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)

Comment: Another super high volume day, looks like this trend is gaining momentum