-October: bull closes inside previous bear
-November: no continuation on neither bull or bear positions.
-December: price drops lower closing with bear at the price area of previous 4 month. Hold price area at $1.55
Note: price will be fluctuating during a month time between $2.18 and $1.55 (for a small in and out day trades)
Bar tails indicates speculation on weather to push price higher or get the price lower at that area, that could be due to the fact that on Dec.23rd 2019 company submitted for FDA approval in march 2020. We will need to see 2 more bars that will confirm the future strength of this stock. During that time the price however can drop as low as $1.11-1.07. Ideally that should be the bottom of the price where the sell rejection forms a tail of the Feb candle,followed by closing at the trend line with previous candles bodies. As far as RSI line is compressing up closer to the gray area while bar chart gives a new LL of the trend, it tells me that strength of sell pressure is leaving and there could be a potential move up.
What I would like to see is January bar to be indecision bar(trading between range), February bar to have a drop to its lowest closing at the end of the month inside or near trend line (indicating no sell interest), and March being green bar with indication of price continuing higher after hopefully successful FDA approval spiking the price up at least to a 38% fib. retrace at $3.33 with crossing at orange Mid band.
If so, me personally would be looking for entry around $1.11 with a target at $3.33 (38%)
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PLEASE NOTE, This is my personal opinion and analysis, non of the information above constitutes any form of investment advise.
-November: no continuation on neither bull or bear positions.
-December: price drops lower closing with bear at the price area of previous 4 month. Hold price area at $1.55
Note: price will be fluctuating during a month time between $2.18 and $1.55 (for a small in and out day trades)
Bar tails indicates speculation on weather to push price higher or get the price lower at that area, that could be due to the fact that on Dec.23rd 2019 company submitted for FDA approval in march 2020. We will need to see 2 more bars that will confirm the future strength of this stock. During that time the price however can drop as low as $1.11-1.07. Ideally that should be the bottom of the price where the sell rejection forms a tail of the Feb candle,followed by closing at the trend line with previous candles bodies. As far as RSI line is compressing up closer to the gray area while bar chart gives a new LL of the trend, it tells me that strength of sell pressure is leaving and there could be a potential move up.
What I would like to see is January bar to be indecision bar(trading between range), February bar to have a drop to its lowest closing at the end of the month inside or near trend line (indicating no sell interest), and March being green bar with indication of price continuing higher after hopefully successful FDA approval spiking the price up at least to a 38% fib. retrace at $3.33 with crossing at orange Mid band.
If so, me personally would be looking for entry around $1.11 with a target at $3.33 (38%)
-----------------------------------------------------------------------------------------------------------------
PLEASE NOTE, This is my personal opinion and analysis, non of the information above constitutes any form of investment advise.