This Biotechnology company which has several positive analysis from experts of the sector has a quite interesting chart. I believe that we are entering in its Wave 5 and my target Price is set at much higher levels. Above $16 I expect it to gain thrust.
What I like here are the following: - It already gave 3 Waves and number 3 was quite impressive. - Wave 4 ended exactly at the 2 lines that you can see on the chart. These lines are my major levels for Positive or Negative behavior of a stock on a daily chart. - Positive Volumes started to appear during the last days. - The morphology of price movement after Wave 4 is solid for i and ii of 5 so I am waiting for a continuation now. - I also liked what I read in several analysis for the company's projects (but this has nothing to do with Technical Analysis).
Note: I opened a position yesterday and will increase it above $16
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A note on Zyme since it is falling at this moment by 7% As long as the price remains above $13.35 the projection mentioned at my earlier analysis of today, remains intact. If $13.35 is violated then the counting is cancelled and we have a more complex pattern.
Trade active
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IMPORTANT What is very important for the viability of Wave 5 up is the level in which we had Wave 4. We do not want that ZYME drops below $12.
@mralexsell, hi. It did the same thing in Sept. Therefore since the stock remains within a specific range for a long time, the Buy should be set when it crosses $17.