- The OPGN stock price has given a breakout from the descending channel pattern.
- The OPGN stock price has once again faced resistance from the 200-day EMA.
OpGen Inc. (NASDAQ: OPGN) was founded in 2001 in the United States of America. It is a precision medicine company that harnesses molecular diagnostics and bioinformatics to prevent infectious diseases caused by multidrug-resistant organisms (MDROs).
Some Previous Actions of the OPGN Stock
The company has been performing very poorly for the last few years. It has observed a massive decline of $-37.28 Million in its net income, which is -7.12% less compared to the previous year. It has reported its revenue as of only $2.61 Million, which is a decline of -39.45%.
In the last quarterly statement, the firm reported its net asset value as $22.43 Million along with the liabilities at $15.8 Million. On the other side, the company’s stock observed a decrease of more than -70% of its value after the end of the second quarter.
At present, the OPGN stock price is trading at $0.92 while observing a massive pump of 173.81% during the intraday trading session. It is sustaining at the $0.9234 support level with a share volume of 1,006,688.
The total market capitalization of the OPGN stock stands at $5,258,729 along with an average volume of 4,332,3225.
Technical Analysis and Future Prediction of the OPGN Stock
The OPGN stock price has been performing in a downtrend since October 2021. In the wider outlook of the chart, before it broke out, the price faced multiple resistance from the 50-day EMA. After the pump of the stock price, the 200-day EMA became a dominant resistance.
The OPGN share price has given a breakout by gape-up opening from the descending channel pattern. After that, it got rejected from the supply zone at the $3.79 level. Currently, the price is trading at $0.9200, near the support level of $0.9234. It is probably moving to fill the gaps created by the bulls. The stock price may see a bearish movement because of the previous action of bears.
Furthermore, the relative strength index (RSI) has shown a strong bullish momentum caused by the bulls for a short span. The RSI is sloping above the 70-mark upper band at 83.18 after getting support from the signal at 58.06.
Conclusion
Overall, the OPGN stock price has been trading in a bearish trend. It is moving toward the $0.4490 breakout level of the descending channel pattern. At present, it faces strong resistance from the 200-day EMA. That level may become a pivot point for the future trend. So, the range from $0.5439 to $0.4490 should be our key interest for the future decline.
Technical Levels
- Resistance Levels: $1.28 and $1.56
- Support levels: $0.8458 and $0.1620
Disclaimer
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