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$BPAX Technical Analysis - Looking for direction.

|Includes:ANI Pharmaceuticals, Inc. (ANIP)

$BPAX had a great run-up started @ $2.50 mid of June till it reached the high of $4.02 on 07/13 creating a "Dark Cloud Cover" a bearish pattern, giving the first sign that the technical correction is coming, followed by several doji's to insure the confusion of the investors about the direction.
The correction break down the first support level @ $3.20 level heading to the second & strong support around $2.50 that used several times in the past as a support & resistance point...and with the help of the markets bearish sentiment during the "Debt Ceiling" issue followed by the markets sell-off, $Bpax price dropped toward the $2.00 level finding the 200MA as a support level.
The price break down a LT (long term) uptrend line and the 200MA but bounce back creating a Bullish Hammer as a reversal pattern followed by 3 doji's and a long green candlestick last Friday checking the resistance line @ $2.50 but closing below the line, I believe that the trend will continue and breakup the $2.50 level heading towards the second resistance line @ $3.20

We can see that all the indicators are in the oversold zone, that gave us a hint for the direction as an uptrend is coming, but we have to give more weight to the "Markets Sentiment" as in this case the markets can put a pressure @ the biotech sector and dragging $Bpax with it for a new downtrend.

Keep watching closely.
Disclosure: Long Bpax

For more Technical Analysis for the biotech stocks visit
joebiocharts.blogspot.com/



Stocks: ANIP