Hello guys :)
As you can see we broke out of this beautiful falling wedge. Fonar could retest the black support again and then reach milestones like 20,00$ and 26,00$. Therefore I am waiting for a confirmation retest or outbreak.
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NOT FINANCIAL ADVICE/RECOMMENDATION
It seems to me that it is looking for a reversal.
The price has already been rejected 2 times by touching its EMA.
It has resistance at $19.5 - 20.
30% below its August high.
It can go as high as $25.
"Fonar Corporation designs, develops, manufactures, and sells magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human disease."
NASDAQ:FONR
Weekly fib retracement and extensions make this a pretty nice technical play. Highest target is 28, with coinciding fib lines at $25 (plus it's nice round number, so prob going to get some heavy resistance). I'd put in a buy at 21.80, and hope to catch it.
Possibly developing a head and shoulder pattern. Which would set the price back to a a support level from the weekly chart. Pure speculation on this one, if the pattern holds true there could be a 17% loss to the weekly support line.
