So we have started the retrace on BIOARTIC.
For now I'm sticking to my previous target of around SEK 80,-, the fib 0.618 and strong horizontal support (green circle).
There is a good chance we'll have a little move up today to retest the support we just broke, filling the gap that was left behind (grey line), before heading back down again.
My theory becomes...
So Bioartic is still looking very good from a fundamental point of view. If you are looking to buy (again), I've looked at several scenarios.
First of all BIOA_B is consolidating between 2 support/resistance areas and has just broken it's upward trendline, so a correction is definitively a possibility.
If looking for a target for that correction, around the 78-80...
I'm a bit worried about the recent uptrend of Bioartic holding or not.
If we look at the last 'mini' structure, it has broken support and restested that support and got rejected. That puts the blue trendline in danger of breaking.
However there is ample support just below at around 70 and again around 65. Perhaps additional buying opportunities will present...
