Bionano Runs Higher Following CCO Appointment

Bionano Genomics Inc. BNGO shares climbed higher Monday after the company appointed Jason Priar as its Chief Commercial Officer.

Priar was formerly a sales leader at GeneDx, Sema4, and PerkinElmer Genomics. Jason has experience scaling businesses from the early stages up to earnings hundreds of millions.

Bionano Genomics was up 26% at $8.67 at last check.

Bionano Genomics Daily Chart Analysis:

• Shares were falling the past few months, but now shares look to have broken out what technical traders may call a falling wedge pattern.
• The stock is trading above the 50-day moving average (green), and above the 200-day moving average (blue), indicating sentiment in the stock is likely bullish.
• Each of these moving averages may hold as an area of support in the future.

Key Levels To Watch:

• Bionano Genomics broke out of a falling wedge pattern and shares have headed higher since.
• This bullish reversal pattern happens after the stock makes a large run up and starts pulling back. The slope of the line connecting the highs is much steeper than the line connecting the lows.
• The stock broke above resistance and has been climbing since. Consolidation may need to happen before a possible entry.

What’s Next?

Bullish technical traders would like to see the stock consolidate for a time before the stock may see another move. Bulls want to see the stock hold the gains it made as it consolidates.

Bearish technical traders would like to see the stock fall back to the area it was trading at near the point of the wedge. If the price can fall back below the moving averages, sentiment may turn bearish and it could be the start of a trend change.