BIODEXA Pharmaceuticals (BDRX) Technical Analysis
$BIODEXA PHARMACEUTICALS PLC SPON ADS EACH REP 5 ORD(BDRX)$ has risen more than 42% in yesterday trading. And it has been trading upwards.
The positive news that have given it such a good surge is the Completion of Enrolment and Treatment in the Phase 1 Study of MTX110 in the Treatment of Children with Newly Diagnosed Diffuse Midline Gliomas (DMGs).
See the highest price is actually more than 9 dollars in yesterday trading. I would expect a good Gap Up to happen.
I will be looking at the Technical Analysis on how we can trade this stock after its recent surge and to see how it can support my forecast of a Gap Up in today’s trading.
BDRX On Average Directional Index (ADX)
From the ADX, it is showing that BDRX is in a developing trend, as ADX value is between 20 and 40, and this would be a good time to look for an entry.
+DI is just above -DI which show a bullish uptrend, this would give me confidence that BDRX would be trending upward.
But I would like to see if it is currently overbought or oversold, this would further help me to determine if the current price or close to it is a good entry price.
BDRX On Relative Strength Index (RSI)
From the RSI, BDRX has just exit the oversold and move into a good momentum, this would indicate a BUY signal and the current price or close to it can be considered.
I will be planning my trade in today’s trading. Please see the summary for the target price.
Summary
From ADX and RSI, it show that BDRX is currently in a good developing trend. And RSI has indicate a good BUY entry price.
This is how I would be trading.
BIODEXA Pharmaceuticals (BDRX) $6.03
Target Entry Price is around $6.10 to $6.30
If go below $6.10 I will check ADX indicator for movement of +DI and -DI
If go above $7.50and maintain, BDRX could be headed above $9.
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Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.)
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After all the reverse splits, I didn't have any more share and liquidated for $3 from my original ~$2000 lol
Wow, judging from the example of BDRX, this technical analysis is very accurate!
it's a effing eight cent stock. I lost it, I am out as soon as it bounces 25%
I feel it will follow the red candles down.
You are awesome, how much did you buy?