Finance

There Are Strong Technical Signals in OpGen, Inc. (NASDAQ:OPGN)

OpGen, Inc. (NASDAQ:OPGN) shares surged 18.75% during trading on Thursday, going up from its prior closing price of $0.32 to $0.38 , and has now gained 3 consecutive sessions. Many in the market will be closely watching whether this winning streak is sustainable or take a temporary pause for the next couple of trading sessions. The price has fallen in 8 of the last 10 days and is down by -36.67% over the same course of time. The upbeat movement of both volume and price during the recent session is interpreted as a good sign, and, overall 13.51 million more shares exchanged hands compared with prior day. In total, 19.09 M shares exchanged hands for about $7.26 million.

Inside OPGN’s Recent Trend

OpGen, Inc. (OPGN) lies in the middle of a very wide and falling trend in the short term and pointed towards extra losses. Short-term traders are anticipated to see a retreat of -50.62% over the course of a quarter and, with 90% chance the price will be floating in the range of $0.08 and $0.28 in this timeframe.

OpGen, Inc. Technical Signals



OPGN is a buy based on short-term MA; at the same time, however, a sales signal from the long-term average. Since the longterm average is above the short-term average there is a general sales signal in the stock. On additional rally, the share price will meet long term resistance at around $0.59. On a drop, the stock is likely to find some support over the short run, which begins at $0.34. A buy signal will be generated if it crosses above the long term moving average.Meanwhile, a price down versus the short-term MA will be a fresh sales call.

OpGen, Inc. (NASDAQ:OPGN) Support And Resistance Levels

In case of pullback, the next support the price will capture from accumulated volume will not be far away from current price at $0.32 and $0.32. In case of gains, the next resistance from accumulated volume will be at $0.42, $0.46 and $0.45.




It is important to note, however, that the stock needs to make its way through natural risk while testing a key support level. Once this support is broken, another support level will be to be established at a lower level. Turning back to this stock, OpGen approaches the first support point just current price at $0.32. In case of a break, the next support we will see from accumulated volume is going to be at $0.32 and $0.30.

OpGen, Inc. (OPGN) Risk Assessment

A volatility based measure Bollinger Bands suggests this stock poses high risk. In the most recent session, the stock price hovered around $0.09 between high and low, or 27.27%. The average volatility for the past week stood at 14.32%.

OpGen is in oversold territory based on Relative Strength Index reading (18). In some cases it takes more time for the trend to shift while the stock is being oversold and the Relative Strength Index keeps moving.

 

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