What is up, everybody welcome to trace trades, where we have technical analysis on different stocks in the stock market, as well as potential buy, hold or sell opinions on these. Given stocks i'd like to preface by saying that i'm not a financial advisor nor expert, i understand i'm doing on youtube, so take what i say with a grain of salt. The reason i started this channel is because a couple years back, i was about thirty thousand dollars deep into pretty bad medical debt, and i was very fortunate to have some close family friends and mentors that pushed me to work really hard and invest my money in The market and i am happy to say that i am now financially free, so if i can pass along any of the information, resources or tools that are given to me and make your lives a little bit better off than they were before, that's all guy can Ask for, lastly, if you would not mind dropping a like on the video really does help support the channel and consider subscribing if you'd like to see more content like this. Now i just want to give a shout out to the first four patreon members that joined over at the patreon uh zack, francis and brandon.

Thank you for joining the growth tier and mike sanchez. Thank you so much for joining us here at filth. It is absolutely awesome to have your guys support. I do post uh real time updates and they get early access to my plays for the day as well as my portfolio.

So today we're going to be giving an update on ticker symbol, bngo bionano genomics incorporated - and this is a play that we got into you know a couple days back and it's seen an absolutely filthy run-up over the last seven days. It is up over one thousand percent and uh if you got in anywhere at the 71 cent range man, pat yourself on the back. That is disgusting. That is, that is some insane returns, and i am very, very happy for you, so we're going to run over a couple different things today: we're going to establish new levels of resistance, new levels of support, we're going to talk about the volume weighted moving average.

You know the bearish and bullish trends we're going to talk about the rsi indicator and the trading volume, so let's just get right into the stock, so we are going to be looking at uh. Let's start off with the support levels, we do currently have a support sitting here right around uh. Let's get rid of this volume moving average the difference between the vma and the volume weighted moving average is that uh, the vma does not take into consideration the overall volume that is pumping into a stock. So we do have current support, so you got 4.70 a prior level of resistance.

It has a couple of different touch points, but the more immediate level of support is at 559, and you can see right here that we did test this out in the pre-market. We seem to be rebounding off of that pretty nicely a decent little bounce. However, we are trading underneath the volume weighted moving average. This is the first time in the last week that we have seen some bearish territory and i can see this playing out a couple different ways.

Now i do want to disclose that i did get out of bng0. I got into the stock at 2.37. I sold at 590. uh.

My profits were pretty decent, i'm up a little over 150. If i remember correctly, i don't think it says here, but you can do the math for yourself if you're interested. So i do not have a position in this stock anymore uh. It has gone up way too much for me to to like i i do think it's gon na see a pullback.

However, there are a couple different ways that this can play out and if you do still have a position in this stock, you may still see a little more of a run up. It's just difficult to say for sure. So, let's play out a couple different scenarios here right, so we've got resistance right now, sitting right around seven dollars. We did push over seven dollars at the end of the day, so seven dollars would be the first level of resistance, followed by a level right here.

At about 724 now this could do a couple different things right. We could see this bounce off of 559 and it could approach 714, and if we do push through this this level, we will likely continue to see a run-up on bionanogenomics. That is possible. However, i think the more likely scenario is that we are beginning to see the pullback and the price correction that is going to surround bionanogenomics, and that is why i personally got out of the stock.

You know i probably could have rode up until the end of the day i sold out about middle of the day at 590. I was very happy with my 150 percent return. However, uh i do think it's more likely that we're going to be seeing this pullback and a re-test of 559. However, i cannot predict the future, i'm not a wizard, i'm just trying to give you the information as best as i can, so you can make your own financial decisions uh.

So let's take a look here at the daily chart. The one day one minute chart you can see you know if we zoom out here change it to a two day. Just so you can see the grand picture. You know we did close the day right around seven dollars and twelve cents and since then, in the after hours in pre-market, there has been some profit taking right.

Now, i'm not saying that this is going to continue. I do find it likely. You know i don't have a position this, i would have stayed in if i saw the run-up continuing, but i do think there is a a fair amount of chance that we continue to see this drop off. So, if you're interested in getting into the stock, i wouldn't personally recommend it.

I do think that the the risk is extremely high, considering we've grown one thousand percent in the last week, so the downside is immensely high uh. Just because we haven't really seen any price correction. We haven't seen any uh any bearish movement yet which is going to happen. Inevitably that's how the stock market works, but if you are looking to get into this, we do have support looking pretty decent here at 534 559 on the macroscopic level, and then we have another level of support which was a previous level of resistance at 452.

So if we just lay this right here, delete the previous level of resistance, uh we're looking at four dollars and fifty cents, so you're going to be looking at a bounce uh, either a bounce off of 534 or a a drop off of 534, in which case We will likely drop down to 4.50 and, if you're looking to get into the stock, you know it's tough to say if this is as much as we're going to give up um just because of how much we've run up in the past week. But this does look like a potential entry point. However, i would i would want to just watch and see how the stock plays out for a couple days see if we can get a couple days of consolidation before you enter into this. If you were part of the channel, if you're subscribed, you already know that i put this on your guys's radar a couple days back as a potential penny stock to get some mad returns.

Out of i mean not that it takes much of a magician to figure out that this stock is hot right now, it's seen some pretty immense volume. It's it's just grown in popularity and sentiment in volume on stock twits. So this has been absolutely filthy. I i hope that you guys were able to make some profit off of this, but you do see a trend here that the volume is starting to drop and with a decrease in volume will come a decrease in volatility and likely a decrease in price action.

So we probably will be seeing less harsh movements if this trend continues. If we see you know a further drop down, maybe we're looking at 40 million shares traded on on the regular um. So do keep that. In the back of your mind, it is possible that we see a little less price action, a little less movement.

The rsi indicator currently is sitting at about 50 square in the middle. So it's not oversold, not overbought. It's it's pretty standard at this given moment, but do keep in mind that we've had one two three, four, five, six six out of the last seven days we have been in overbought territory. So in my mind, it is only a matter of time until we see this rsi indicator correct itself, and you see some oversold action happening right.

We haven't had a pullback, yet we haven't really had sellers or buyers taking profits up until you know just recently. I would argue you know in the in the after hours in pre-market, we've really seen it happen um. I i do think this stock is going to start to dry up. However, if you can make a case for me in the comment section as to why you think it'll continue, you know that might change that might change things right.

There might be some news catalyst that's coming out, but i'm looking at this purely from a technical analysis perspective right. We do see profit taking happening here. We are dipping below the volume weighted moving average. We are starting a bearish movement right here.

You know the overall trend from a macroscopic point of view is bullish right. So if you look at the last seven days, we're bullish um - and that is that is a great indicator, but i am cautious b, be very cautious. If you still have a position in the stock, i would highly consider taking profits if you got in and you're up over. 50.

100. 200. 300. 400.

If you have a margin like that man, you just got ta secure it. That is amazing. This kind of thing does not happen in the stock market. Very often, you know, a 100 percent run up over a week is phenomenal.

So if you are up over three four five hundred percent right now, even if you miss out on on profits on the table, let's say that it bounces off of 559 right and we approach 714. We keep shooting up. How can you be managed yourself for being up one two, three, four, five hundred percent margin on your investment. You can't there's no there's no possible way.

This is a business right, we're not gambling um. We're looking to you know, fundamentally over time day by day week, by week, year by year, build out our portfolios and you do that by making smart financial decisions so treat this like a business, don't treat it like. You're sitting at the poker table or like you're playing blackjack to me, this is uh you're, looking at possibly leaving profits on the table, if you don't consider taking profits at this time. You know at the at the very least, um consider taking half of your position out of this stock if you'd like to let some ride just to see if there is potential for it to keep running, um, take profits on half take profits on 25 75 and Let the rest ride right, let your uh, let your profits ride, see if it can make you a little more money, but personally, like i said i am out of this stock.

I do see a pretty major price correction happening soon. I would not be surprised if we break through 559 at some point today or if we we come down and re-test is 470 support level at any given point and if anything, changes on the stock. You guys know that i will update you on whatever action is happening, and i do not do this by myself right. I am so freaking grateful for the community that we have out here, because a lot of these plays, i would not even have on my radar.

If you did not bring them to my attention right, that's what's special about trace trades community is we are doing this together. This is not just me. What i'm doing is i'm looking at the technical analysis on these charts, i'm looking at the volume action, i'm looking at the price action, i'm looking at the rsi, i'm looking at all the indicators and all i'm doing is telling you whether i think this is a Good stock to buy or not to buy right, you guys are bringing me these stocks and if it wasn't for you, this would not be possible out here the community. So i want to give you guys my utmost thanks and gratitude, because uh we are all working together to make our portfolios look better in 2021, and that is freaking amazing.

That is what i love about this channel. So sorry, for going on a tangent, i'm just really loving what we're doing out here, and that is the update that i have on bngo so currently, like i said i am out of this stock, i would consider taking profits if you are up over 100. Even up 50, anything above that is just extra guys, let's let half of it ride if you want to, but do lock in those profits, because you have done amazing for yourself, pat yourself on the back. That is phenomenal.

We hit it out of the park. We have hit five home runs on this easily if you are up more than a hundred percent um. That is phenomenal. So that is what i have for ticker symbol, b, ngo bionic genomics incorporated today.

I just wanted to give a little update for you guys see what i'm, what i'm seeing on the charts. What i think is the most likely course of action. I hope that it helps you with your investing decisions. Please drop a like on the video.

If you enjoyed it, consider subscribing if you like, to see more content like this, as i do post videos every day and lastly, i do have an affiliate link to tubebuddy in the description box down below now. Tubebuddy is an seo optimization website that i personally pay a nine dollar per month subscription fee for for the pro membership, and i would not recommend this to you guys if i did not personally use it. I attribute this largely to being able to grow my channel to 1 000 subscribers in 17 days. So if you were a content creator or looking to become a content creator, i could not recommend this highly enough.

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So that is what i have for the video today, my friends and i will see you all next time: peace.