$MBRX double fib wedge re-trace down to 50% before potential impulse move back up on the long side. High volume price spike could see to another re-test of $3.25-$3.30 range without breaking previous highs. Time will tell if/when gap fills @ $1.65-$1.75 for possible bounce towards high $2.00 - low $3.00 range.
MBRX is in the middle of a correction after the previous big wave up. I'm expecting one more wave down before a potential big wave up. A breakout on the upper trendline invalidates this setup.
As we see, a correction is happening, but I think it will end within the next two hours.
Then of course, the price will follow the initial trend, and we have our long position. I entered a small position already, what is a bit sketchy, but I think it is worth it.
-EMA 200 says: buy
-Main trend says: buy
-past patterns say: buy
-higher highs and higher lows means:...
As I forecasted yesterday, MBRX has all the fundamentals and technicals in place. Well above the EMA, closing higher than the open, and having a healthy resistance upwards. I estimated 2.60 a little too soon but tomorrow the 28th will certainly hit 2.60 as the trendline continues.
Alright so MBRX is up almost 20 percent today because it's advancing preclinical testing for a brain tumor drug. Long or short? good question: don't know. just watch at the market open and see what it does. It could fly like superman or fall hard like...hmmm...uh...i can't find an example. Anyway, keep your eye on it. Comment on where u think it will go. Follow me...
