Bio-Techne Corp WCA - Rectangle
Company: Bio-Techne Corp
Ticker: TECH
Exchange: NASDAQ
Sector: Healthcare
Introduction:
Today, we are looking at Bio-Techne Corp (TECH) on the weekly chart. Bio-Techne is a prominent name in the Healthcare sector and is traded on the NASDAQ exchange. Currently, the stock exhibits a Rectangle pattern that could signal a potential shift in the stock's direction.
Rectangle Pattern:
A Rectangle pattern typically manifests during a consolidation phase and is recognized by price movements that tend to bounce between horizontal support and resistance lines, forming a rectangular shape.
Analysis:
In the past, Bio-Techne Corp's stock price trended downward. However, this trend appears to have been interrupted by a consolidation zone characterized by a Rectangle pattern. The upper boundary of the pattern is positioned at $87.50, having been tested four times. The lower boundary stands at $70, having been touched twice.
Interestingly, the price is again using the 200 EMA as a support, indicating the potential for a bullish shift. It seems that the stock might be gearing up for another attempt to test the upper boundary.
If a breakout occurs above this resistance level, we could anticipate a price target of $105, representing a potential increase of around 20%.
Conclusion:
The technical setup on Bio-Techne Corp's weekly chart showcases a Rectangle pattern, suggesting a potential consolidation period before the next significant price move. Traders should keep this stock on their watchlist, especially in anticipation of a breakout above the upper boundary.
Remember, this analysis is intended to be used as part of your wider market research and risk management strategy and should not be considered as direct trading advice.
As always, happy trading, and stay tuned for more analysis!
Best Regards,
Karim Subhieh
Ticker: TECH
Exchange: NASDAQ
Sector: Healthcare
Introduction:
Today, we are looking at Bio-Techne Corp (TECH) on the weekly chart. Bio-Techne is a prominent name in the Healthcare sector and is traded on the NASDAQ exchange. Currently, the stock exhibits a Rectangle pattern that could signal a potential shift in the stock's direction.
Rectangle Pattern:
A Rectangle pattern typically manifests during a consolidation phase and is recognized by price movements that tend to bounce between horizontal support and resistance lines, forming a rectangular shape.
Analysis:
In the past, Bio-Techne Corp's stock price trended downward. However, this trend appears to have been interrupted by a consolidation zone characterized by a Rectangle pattern. The upper boundary of the pattern is positioned at $87.50, having been tested four times. The lower boundary stands at $70, having been touched twice.
Interestingly, the price is again using the 200 EMA as a support, indicating the potential for a bullish shift. It seems that the stock might be gearing up for another attempt to test the upper boundary.
If a breakout occurs above this resistance level, we could anticipate a price target of $105, representing a potential increase of around 20%.
Conclusion:
The technical setup on Bio-Techne Corp's weekly chart showcases a Rectangle pattern, suggesting a potential consolidation period before the next significant price move. Traders should keep this stock on their watchlist, especially in anticipation of a breakout above the upper boundary.
Remember, this analysis is intended to be used as part of your wider market research and risk management strategy and should not be considered as direct trading advice.
As always, happy trading, and stay tuned for more analysis!
Best Regards,
Karim Subhieh
KSC
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