Sngx possible uptrend coming after -25%Long term indicators fully support a continuation of the down trend.
The market is approaching oversold territory. Be watchful of a trend reversal.
divergence is spotted using rsi in combination with price action which could possibly mean an uptrend may come,
especially after a 25% drop to all time new lows this year.
also the 20 sma has bearishly crossed over the 200.
this stock is a 100% sell on Barchart, be careful trading against trends.
SNGX trade ideas
SNGX Potential Entry VWAP Support/50% RetraceSee link in comments for my coverage of this stock from 5/20. Stock has made it's move higher, gap filled and has found support at the 50% retracement level. Consolidation is occurring above a rising 50 EMA and the VWAP from the 2/20 peak. I would look for stock to reclaim 5 day EMA (orange) to initiate position. I have to expect further upside unless price breaks below 50 EMA or VWAP, which would force me to revise my outlook.
Company has 2 Phase III drugs, with one announcement coming Q4 this year. Company has no products on the market.
For press releases and pipeline info:
www.biopharmcatalyst.com
SNGX Wedge + SMA ConvergencePrice finding support above July '19 high. Strong momentum setup: OBV has set a new high, RSI showing bullish divergence while MACD has begun to accelerate. Very bullish MA convergence with 5 and 20 pushing through the 50 with upside trajectory. Notice prior move higher in late 2019 occurred subsequently to 200 MA support. Ideally I am looking for a breakout of wedge, pullback and potentially waiting for a reclaiming of the 5 day MA to initiate a position, but I believe the indicators convey strong underlying momentum so I may just have to ride the wave on this one. $2.3 - $2.5 looks like a good area to consider taking some off the table.
Soligenix, Inc Breakout TradeSoligenix, Inc. engages in the development and commercialization of products to treat rare disease. It operates through the following segments: BioTherapeutics and Vaccines/BioDefense. The BioTherapeutics segment offers photodynamic therapy (SGX301) utilizing topical synthetic hypericin activated with safe visible fluorescent light for the treatment of cutaneous T-cell lymphoma. The Vaccines/BioDefense segment includes active development programs for RiVax, ricin toxin vaccine candidate, OrbeShield, GI acute radiation syndrome therapeutic candidate, and SGX943, melioidosis therapeutic candidate. The company was founded in 1987 and is headquartered Princeton, NJ.
$SNGX breakout, lot of upcoming catalystsSGX301 Phase 3 top line data due 1Q 2020
SGX942 Phase 3 top line data due 2Q 2020
RiVax Phase 1 initiated, safety data due 2Q & 4Q 2020
Let's see if it will continue running or we can get a flag/pullback to the breakout area before entering
Bias: long, wait for pullback