Exact Sciences (EXAS) - Continuation of the Downtrend
Mis à jour
Based on my previous technical analysis where Exact Sciences exhibited bullish tendencies but warned of a possible substantial correction around the $70 level, we now find ourselves at a critical junction. Two possible scenarios could unfold from here: a bearish three drives pattern leading to a bounce back to around $123 or a continuation of the downtrend following the break of a rising wedge pattern.
Scenario 1: Bearish Three Drives Pattern
If EXAS bounces back to around $123, it may complete a bearish three drives pattern. This pattern generally suggests a reversal is imminent. I intend to start shorting the stock around $120-$124 levels, anticipating a drop to ~$61.
Scenario 2: Rising Wedge Break
On the other hand, EXAS has broken the trend line of a previously noted rising wedge, signaling a potential continuation of the bearish outlook. The target for this bearish breakout lies between $48 and $61.
Key Support Levels to Watch:
$79: If broken, it's likely we'll head to $61.
$60: If this level fails to hold, expect a plunge towards the $50 zone.
In this scenario, my plan would be to go long around the $53-$57 levels.
Risk Management:
In both scenarios, it's crucial to set stop-loss orders and take other risk management measures to protect your portfolio
Conclusion:
While I maintain a favorable view of Exact Sciences for their work in cancer diagnostics and treatment, the technicals suggest caution is warranted at these levels.
Disclaimer: I am not a licensed financial advisor. The information here is for educational purposes. Always conduct your own research and consult a financial advisor before making any investment decisions.
Scenario 1: Bearish Three Drives Pattern
If EXAS bounces back to around $123, it may complete a bearish three drives pattern. This pattern generally suggests a reversal is imminent. I intend to start shorting the stock around $120-$124 levels, anticipating a drop to ~$61.
Scenario 2: Rising Wedge Break
On the other hand, EXAS has broken the trend line of a previously noted rising wedge, signaling a potential continuation of the bearish outlook. The target for this bearish breakout lies between $48 and $61.
Key Support Levels to Watch:
$79: If broken, it's likely we'll head to $61.
$60: If this level fails to hold, expect a plunge towards the $50 zone.
In this scenario, my plan would be to go long around the $53-$57 levels.
Risk Management:
In both scenarios, it's crucial to set stop-loss orders and take other risk management measures to protect your portfolio
Conclusion:
While I maintain a favorable view of Exact Sciences for their work in cancer diagnostics and treatment, the technicals suggest caution is warranted at these levels.
Disclaimer: I am not a licensed financial advisor. The information here is for educational purposes. Always conduct your own research and consult a financial advisor before making any investment decisions.
Trade fermée: cible de profit atteinte
Congrats my dear followers $50 zone reached
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.