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Avinger Inc. (NASDAQ:AVGR) is forming what technical traders call a pennant on the daily chart below. The pennant is considered to be speculatively bullish because the large move that precedes the pennant goes upwards.
What Happened: In the case of Avinger, the large move originated from the news of a European Granted Patent on Dec. 30.
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Avinger was awarded a U.S. patent for an optical pressure sensor assembly Tuesday.
In theory, the highs and the lows should continue to be condensed as time goes on until the price gets “squeezed” out of the pennant and makes another large move.
The large move can go in either direction despite the fact that the pattern is considered bullish, so caution is always key in the play.
Avinger Technical Levels: At the top of the pennant, there are what technical traders call resistance, and at the bottom of the pennant you have what technical traders call support.
These technical levels are speculatively based on previous highs and lows on the chart. The speculative support and resistance lines are currently trading between the price range of $1.50 and $2 and will continue to be condensed until the stock will “break out” of the price range.
Ideally, bullish technical traders would like to see a break of resistance and a price consolidation above the speculative resistance before another move up.
Ideally, bearish technical traders would like to see the price fall through support and consolidate below before a further move down.
The market cap of Avinger is currently $146.41 million with a public float of 84.63 million shares.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.