Get started
feelsgains

BNGO Potential long position around 12.00 support

Long
Bionano Genomics, Inc. (NASDAQ:BNGO)  
feelsgains Updated   
NASDAQ:BNGO   Bionano Genomics, Inc.
Trend Analysis Technical Indicators support oversold
6
3
trendanalysis indicator support oversold
BNGO broke below the 12.00 support today. Two possible scenarios now, the price further tanks but I would not expect it to dip below 10. I am personally expecting a bounce back after today's dip as:

  • Not much volume to justify downtrend strength
  • Stochastic shows oversold signal at support
  • RSI shows oversold signal at support
  • No strong downtrend indicator overall

But please keep in mind that the price already went up +2000% in the past 3 months, and that the pharma market took a little hit today.

Trade well!
Comment:
Overall market dip made things more doubtful for BNGO. Seems like the price dipped below 10 for a bit and is now sitting there. I would wait a bit before entering as the trend might go on.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.