XBIO Parabolic Or New Massive Bull Trend?

NASDAQ:XBIO   Xenetic Biosciences, Inc.
XBIO stock surged on its highest volume in months for no apparent reason. No news, no filings, and the most recent was the departure of Dr. Genkin from the Board. Obviously, the focus on low float penny stocks has been apparent in the stock market this week. XBIO could be the next iteration of that trend. So let's take a look at some levels. I plotted the fib retracement using November's low as the anchor and the current high from December and the upper limit. Wouldn't you know it, look at the levels and what they show. Not only is that 236 area a key level that XBIO failed at before, BUT the 382 and 50 have posed significant levels of importance too. First, the 382 is where XBIO was ultimately tested by EOD on the big day in December. But then it completely fell apart after it announced that offering. Now look at the 50 fib. This seems to have been a more consistent level of resistance over the last 7 months. XBIO failed to break and hold above it in February and then came within striking distance of testing it earlier this month. Now that it has firmly broke through these two levels, we see it tested the 236 fib and failed in the morning. In light of recent bullishness and volume, this could be an interesting level to keep track of for longs.

"In its latest financial report for Q1 2021, the company posted a net loss of $1.3 million alongside a $10 million cash balance. And while it does have a promising pipeline of proprietary products, it is difficult to say for certain why shares of XBIO stock shot up so heavily today. Regardless, it’s up to you to decide if XBIO stock is worth watching."

Quote Source: 3 Penny Stocks That Exploded Today, One Up 144%


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