FLGT is one of my favorite stock for long term holding with very strong fundamentals. Sold some $90.00 Naked Puts as price rejects to break 0.618 level on 4 hour chart. Also 4 hour trendline broke with RSI at 46. For the scalpers/short term traders the first target should be 0.50 level.
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Thanks
We see at points 123 that after every hot drop, we experience a bullish momentum. This is caused by the big boys who are waiting for a dip to get in. Now at point 4, we see a nice dip. I want to join the big boys and buy this one. Comment what you think below. Don't forget to click the like if you do. Thank you.
What a day, huh? The markets responded positively to the Inauguration but FLGT fell about 10% (13% but it then recovered some). Seems like it is time for a pause for this stock after a long and healthy rally.
TECHNICALS
Weekly
There is bearish divergence between price and rsi (also on the daily, obviously).
We can see that FLGT has been riding the 14/21emas...
Price about to break the ascending triangle.
3 scenarios:
1. Break imminent
2. More range bound within the triangle and then break
3. Fail
My targets for 1 and 2 are 75 (the triangle target) and then 100 (Fibo extension).
Trade safe.
+ $FLGT pending Emergency Use for its Home COVID Test kit
+ COVID hospitalization and death at all time high
+ COVID expected to continue to surge through Jan-Feb
+ people reluctant to leave the house especially to hospital/COVID test loc. in fear of COVID
+ older people may have hard time leaving the house
+ more frequent tests needed for high risk jobs
+ short...
Fulgent Genetics #FLGT specialised on genetic tests and now making tons of money on COVID-19 ones. They have also equipped hospitals with IT software for tests data processing.
Even with vaccines tests will be required for months ahead therefore #FLGT may have some more space to grow.
First target $65, then $80
Can you see why I love this chart? Still the far end is a little too loose for me. But I could make an exception and just have a bit of a wider stop or zoom in to a lower time frame. I dont really have any more room in my portfolio for another position, maybe ill have to dump something that is underperforming. We will see, no rush.
