RGEN had had been pulling back after hitting 212 on 12 Nov. On 20 Nov it staged a rebound to 197 but it proved to be short lived as it soon gave way to another plunge to 177, closing a prior gap at 178. There is stronger reason now to believe that this time the rebound will follow through due to 1) gap fill and 2) bullish divergence between price and RSI.
Going long @ 187 (however initial stop loss would be placed around 176.50, just below the recent pivot low). Trail stop up along the way up if the trade works out. Looking to scale out partially at 212 (previous high) and another batch @ 222 (fib 127% extension).
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to discuss and comment :)
Going long @ 187 (however initial stop loss would be placed around 176.50, just below the recent pivot low). Trail stop up along the way up if the trade works out. Looking to scale out partially at 212 (previous high) and another batch @ 222 (fib 127% extension).
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to discuss and comment :)