BIODEXA Pharmaceuticals (BDRX) Technical Analysis

The positive news that have given it such a good surge is theCompletion of Enrolment and Treatment in the Phase 1 Study of MTX110 in the Treatment of Children with Newly Diagnosed Diffuse Midline Gliomas (DMGs).

See the highest price is actually more than 9 dollars in yesterday trading. I would expect a good Gap Up to happen.

I will be looking at the Technical Analysis on how we can trade this stock after its recent surge and to see how it can support my forecast of a Gap Up in today’s trading.

From the ADX, it is showing that BDRX is in a developing trend, as ADX value is between 20 and 40, and this would be a good time to look for an entry.

+DI is just above -DI which show a bullish uptrend, this would give me confidence that BDRX would be trending upward.

But I would like to see if it is currently overbought or oversold, this would further help me to determine if the current price or close to it is a good entry price.

From the RSI, BDRX has just exit the oversold and move into a good momentum, this would indicate a BUY signal and the current price or close to it can be considered.

I will be planning my trade in today’s trading. Please see the summary for the target price.

From ADX and RSI, it show that BDRX is currently in a good developing trend. And RSI has indicate a good BUY entry price.

This is how I would be trading.

Appreciate if you could share your thoughts in the comment section whether you think Bitcoin Halving would provide long term benefit to crypto stocks?

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.)