What's Up With Bionano Genomics Today?

Bionano Genomics Inc. BNGO shares are trading higher Tuesday after the company announced it agreed to buy BioDiscovery Inc, a provider of software for analysis, integration and reporting of genomic data.

The company purchased BioDiscovery for up to $100 million in cash and equity.

Bionano Genomics was up 5.28% at $5.38 at last check Tuesday. 

Bionano Genomics Daily Chart Analysis

• Shares have been falling for the past few months and trade in what technical traders call a falling wedge pattern.
• The stock has been falling and has been getting pinched between narrowing highs and lows. The stock could see a strong push if it is able to cross above resistance or below support.
• The stock is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the stock has been bearish.
• The stock may find resistance near either of these moving averages in the future.
• The Relative Strength Index (RSI) has been moving sideways and sits at 49. This shows there are relatively equal amounts of buying and selling pressure in the stock.

What’s Next For Bionano Genomics?

Bullish traders are looking to see the stock break above pattern resistance and consolidate above it. Consolidation above this resistance level could let the stock see a further bullish push.

Bears want to see the stock fall and break below the pattern support. If the stock could hold this level as resistance the stock could see a strong bearish move. Bears are currently in control and would like to keep control of the stock by seeing it dip below pattern support and stay below the moving averages.

Image by xresch from Pixabay