Possible massive breakout or breakdown in Vaxart on the weekly.
So VXRT has been consolidating in a symmetrical triangle since Jully 2020. We can see there was high volume coming into the pattern and a decrease in volume throughout the pattern (more visibly on the monthly chart), verifying its reliability.
Note: the graph is in logarithmic scale.
The Fibonacci Retracement is taken from the swing low the 9th of November of 2020 and the swing high of the 26 of April of 2020. These were the swing high and low values that most accurately predicted supports and resistances in the PA.
The MACD shows bullish confirmation. The weekly 250 EMA acts as resistance and the weekly 100 EMA acts as support, so if there is a breakout or breakdown these are important levels. All the golden crosses are there: 20 DMA crossed the 50 DMA, the 50 DMA crossed the 100 DMA and the 50 DMA crossed the 200 DMA.
By taking the height of the high and low of the triangle we can get a target price.
According to the indicators of MA, EMA, MACD it is likelier that there will be a breakout. This does not mean one should buy yet.
Warning: This is a highly volatile stock so be careful and set up you stop losses. It is a biotech stock, which can have sudden big profits or losses. I read in an article in Yahoo Finance (if you search yahoo finance and Vaxart you can find it; I don't know if I can post the link here) that some analysts think Vaxart won't have positive profits until 2023.
I do not own this stock. This is not financial advice, just some TA. DYOR before listening to an Explosive Cow ;)
If you found this useful please give it a like and drop a follow if you would like to see more of my ideas :D
Edit: i drew the lower support line of the triangle a bit wrong, it would start at 8th of June of 2020. This just makes that support a bit stronger and ads more volume coming into the pattern.
Note: the graph is in logarithmic scale.
The Fibonacci Retracement is taken from the swing low the 9th of November of 2020 and the swing high of the 26 of April of 2020. These were the swing high and low values that most accurately predicted supports and resistances in the PA.
The MACD shows bullish confirmation. The weekly 250 EMA acts as resistance and the weekly 100 EMA acts as support, so if there is a breakout or breakdown these are important levels. All the golden crosses are there: 20 DMA crossed the 50 DMA, the 50 DMA crossed the 100 DMA and the 50 DMA crossed the 200 DMA.
By taking the height of the high and low of the triangle we can get a target price.
- If there is a breakout, the TP would be around 23. Around 115-150% profit depending on where you buy. The TP is also around the 2.618 Fibonacci retracement level.
- If there is a breakdown, the TP would in theory be negative because 8 - 12 = - 4, but lets say its at the ATL which is at 0.26. The loss would be about 96%.
According to the indicators of MA, EMA, MACD it is likelier that there will be a breakout. This does not mean one should buy yet.
Warning: This is a highly volatile stock so be careful and set up you stop losses. It is a biotech stock, which can have sudden big profits or losses. I read in an article in Yahoo Finance (if you search yahoo finance and Vaxart you can find it; I don't know if I can post the link here) that some analysts think Vaxart won't have positive profits until 2023.
I do not own this stock. This is not financial advice, just some TA. DYOR before listening to an Explosive Cow ;)
If you found this useful please give it a like and drop a follow if you would like to see more of my ideas :D
Edit: i drew the lower support line of the triangle a bit wrong, it would start at 8th of June of 2020. This just makes that support a bit stronger and ads more volume coming into the pattern.