Avinger (AVGR) Potential Higher Upside Coming!
$Avinger(AVGR)$ has been soaring more than 70% during normal trading hours on Tuesday (19 Sep 23) and it continued its run upside by more than 13%.
On Monday (18 Sep 2023) it has already soared more than 40% after the company announced the commercial launch of its Tigereye ST image-guided CTO crossing device.
My AI Model Stock Pick
Avinger was one of the stock with a BUY signal from my AI model and my stock analysis have predicted that it will go above $8.50 once it cross resistance at around $7.80.
I will show you why Avinger still have potential of more upside in the sections following.
Latest News Development for Avinger
Avinger has conducted a limited launch of its image-guided technologies for the treatment of peripheral artery disease prior to commercialization that showed successful implementation of new design features, safety, efficacy and product reliability.
A new regulatory filing after market close on Monday (18 Sep 2023) showed that Avinger has decided to increase the available amount for sale under its previously disclosed at the market offering up to an additional aggregate offering price of $2,133,181.
Avinger stock have been among one of the top trending ticks across many social platforms this week. The volume traded is also on the high side.
Technical Analysis - Relative Strength Index (RSI)
From the RSI it is showing that there is a potential buying activities as it show sign over going back to Oversold region.
Oversold region normally suggest a BUY signal. That explain what the trading volume was so high clocking more than 42 millions shares on 19 September 2023 trading session.
Technical Analysis - Average Directional Index (ADX)
ADX is currently more than 38 which I would expect to break 40, indicating a Strong trend for Avinger. The +DI is above -DI by a huge margin (more than 19). This suggest that there is a strong bullish upside move.
DI_PLUS is 39.28733571831288 , DI_MINUS is 20.695611397426006, ADX is 38.42840157161956
Based on what I have observed from the news on Avinger and technical analysis, this stock look to create another new high based on what they have planned to do (according to filing).
With the product commercialization, I believe investor sentiment should increase as this stock moved into a better growth cycle. I will increase my position in this stock.
Appreciate if you could share your thoughts in the comment section whether you think Avinger have potential of a higher upside.
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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