Today’s update will be on INO, trading in a descending broadening wedge which serves as a bullish pattern.
Points to consider - Trend trading in a lower high projection - Broke 21 week MA (S/R Flip) - Structural weekly resistance - RSI resting on support - Stochastics neutral - Clean volume influx
INO is trading in a bear trend putting in consecutive lower highs in a macro broadening wedge. The 21 weekly EMA has broken and confirmed as recent support within the larger formation.
Macro weekly structural resistance is a key level to close above; INO will be extremely bullish if this comes to fruition.
The RSI is currently resting on its support; a break below will increase bearish bias and INO being rejected from current resistance.
Clean volume climaxes are evident; this is probably due to fundamentals as the company is trying to formulate a vaccine for the corona virus.
Overall, in my opinion, from a technical stand point, this is a classic descending broadening wedge. A close above weekly structural resistance will increase the likely hood of INO meeting the technical target.
What are your thoughts?
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And psychologically,
“Remember that stocks are never too high for you to begin buying or too low to begin selling.”
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