BNGO Stock Price Forecast: The Pennant Favours the Bulls

Summary:
• The BNGO stock price forecast is for the bullish pennant on the 4-hour chart to favour bullish action on the day.

The BNGO stock price forecast will take a different shape today as a lower timeframe chart will be used to scan for potential trade opportunities. This is because the price movements of Bionano Genomics Inc continue to trade within a tight range but still present opportunities for intraday traders. 

There has been no significant news coming out from the company after announcing the optical genome mapping study results recently conducted with several universities. However, on 1 April, the company tweeted about its involvement as a contributor to the Telomere-to-Telomere (T2) Consortium, which published a complete human reference genome.

This work is said to mark the completion of some of the unfinished elements of the Human Genome Project. While traders may not be overly concerned about this piece of news, it is noteworthy that it does not damage the mildly bullish sentiment on the stock.

The CNN Money publication of the 12-month price target for BNGO indicates that three institutional analysts have a median BNGO stock price forecast of $8, with the upper and lower limits of the price band projected at $14 and $6, respectively.

This gives the BNGO stock price forecast a potential upside of 220%. Therefore, if you are an intraday trader, you should be looking for opportunities for quick entries and exits on the BNGO hourly or 4-hour charts. The intraday BNGO stock price forecast is presented below.

BNGO Stock Price Forecast

The 4-hour Chart reveals that Tuesday’s price activity was contained within a tight consolidation area that resembles a bullish pennant. A breakout move from the pennant is expected to reach completion of its measured move at the 3.03 resistance mark (12 January high). A break of this barrier extends the advance beyond the measured move’s completion point, targeting 3.29 (28 December 2021 high) and potentially 3.50 (16 December 2021 high).

These are the potential harvest points for long trades aiming to capitalize on the bullish pennant’s resolution. Conversely, the pennant’s breakdown leaves the 2.43 support (2 February/18 March highs) level vulnerable. If the bears degrade this support level, this will open the door for a further decline towards 2.21 (28 February and 1 March highs) and potentially 1.84 (24 January low). This scenario will also invalidate the bullish pennant pattern.  

BNGO: 4-hour Chart

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