Price crossing anywhere above orange resistance downtrend line is the first signal of partial entry.
Breaking above red resistance line will be considered as a confirmed point where bears will no longer dominate the market.
Angles of support uptrend lines are identical and are indexed in fib based on fib channel 0 and 1. Thus, giving us rest of the fibs of potential uptrend lines to which such price action might play out.
Fibonacci sequence decrypts not just significant levels signaling the further resistance in case of a bullrun, but also the support levels of pullback in case of a decline.
This is an undervalued asset according to H.C. Wainwright which rated the Zynerba Pharmaceuticals Inc. as “a Buy” and gave the company’s common stock a price target of $9. Several other experts on Wall Street have posted such reports regarding the ZYNE shares. Other experts at ROTH Capital have the stock’s price target at $12. Let's see how this scheme will go along with the market's sentiment.
nice catch will enter as well Monthly buy signal this month for me
abel11
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Nice one
caimano
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Looks like this is a good catch. I am worried about the ability of the CEO (he is in charge since the very beginning) to bring to the company trust from the investor's perspective, TA is very good but also fundamentals are important especially in the pharmaceutical sectors where they are so many regulations.
But it's a really good catch!
fract
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@caimano, Well, first of all, thank you very much for sharing your opinion!
Sure, those fundamental factors must be considered when it comes to investing in this one. Any decline will be caught into the scheme, particularly the fib channel line 1.618 imitating the uptrend. For instance, once price crosses below it, I'm going to look for the pullback on the next fib and might actually trade it. Scheme covers plenty of time in which many things will happen and new patterns will form there. That will make the uptrend and downtrend more evident. Any fundamental factors, whether they are positive or negative will be expressed as price action. Market would already have reacted to the news before I even receive them. With stocks like Zynerba strategic patience is required as well as the careful pattern evaluation. I wait till the good or bad news "synchronize" into the scheme in the first place before entering the risk.