Xenetic Biosciences Inc (XBIO)

[Porteño]

Started a position at $3.02 today.

The bearish sentiment was reversed last week after a successful test of its major support zone at 2.71. Plus, the stock broke the large falling wedge that formed since the recent peak at 8.95. Possibilities of an uptrend continuation are now heightened. Breaking the recent high of 3.59 level will confirm this possibility. Once there is confirmation, the stock will then be able to reach out for its next resistance level of 5.2 and could even attempt to break for a higher resistance of 6.39.

The weekly chart is also showing a doji candle which signals that a short-term reversal is about to take place. I am expecting a tall white candle this week to gives us confirmation. Note it also held the PAR SAR support. I got a little ahead of myself buying in but I am trying to get the best possible entry.