An investor recently doubled his money buying into XBIO and here are some thoughts on bottom fishing.
XBIO hit a low of about $1 on the 060519 when a sell signal on the weekly pinning prices on a downtrend till 071220 when price broke out at $1.25 closing at an intraday high of $5.84 returning the trader almost 400% profit. This is the allure of bottom fishing stocks in the US markets.
The potential of a $100 target can be seen on the weekly charts and the short term target of $5.84 is in play on the 4hr and the daily charts
PIVOT $2.51
Long positions above $2.51 target $5.84 then $106.83
Short positions below $2.51 target $1
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