BNGO Potential long position around 12.00 support

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!

Bình luận:

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.