INO Broadening Wedge | Coronavirus Vaccine?

28 févr. 2020Evening traders!

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.”