LEXX on the daily chart is on a big bullrun breaking out of an ascending broadening triangle
or megaphone pattern demostrative of increasing volatility. Retlative volumes are 2X the
historical comparison. Price is now on the approach to the highs of 2023 but is only 15% of
the all high highs of 19 at the neckline of a head and shoulders back in 2018-2019, In short
it has a lot of upside if it can show earnings growth on higher revenues. For now targets are
4.15 the high of 2022 and 6.45 the high of 2021 marked on the chart in black horizontal
lines. LEXX is a money burning medical penny it is high risk like its peers. The reward
potential is as much as 7X and more realistically 2X in the intermediate term.
I will so long here with the risk in mind in the context of the reward potential.
or megaphone pattern demostrative of increasing volatility. Retlative volumes are 2X the
historical comparison. Price is now on the approach to the highs of 2023 but is only 15% of
the all high highs of 19 at the neckline of a head and shoulders back in 2018-2019, In short
it has a lot of upside if it can show earnings growth on higher revenues. For now targets are
4.15 the high of 2022 and 6.45 the high of 2021 marked on the chart in black horizontal
lines. LEXX is a money burning medical penny it is high risk like its peers. The reward
potential is as much as 7X and more realistically 2X in the intermediate term.
I will so long here with the risk in mind in the context of the reward potential.
Trade closed: stop reached:
LEXX stopped out on a sell-out. Might re-enter after things settle down.
Comment:
Will look for a reentry at 2.75
