No, I think you are incorrect about your thinking surrounding TA and small pre-revenue biotech stocks.
All technical analysis is, is a self fulfilling prophecy and its LOADED with confirmation bias = When everyone is looking and trading on the same patterns of charts and indicators, the outcomes become the predicable and TA works until normal circumstance's: until some sort of unexpected news breaks that leaves traders who may have exited their position because of TA, in the dust.
I have a very good friend (he worked for Ralph Acampora from Prudential, the God-Father of market analytics) who has made millions trading on TA since 1994. He once told me his profits who have been 4-5x larger if he just held some of these positions longer than the charts and related TA "told him too". Almost all the stocks he mentioned, where he left massive amounts of money on the table, were small biotechs stocks that exploded shortly after exiting his position based on information and news that nobody was expecting.
No matter how much someone may believe they can- do it, nobody can truly the predict the future of ANY stock, particularly when it concerns small biotech's with potentially disruptive medical technology. If you are just trying to make a quick buck, then I suppose its fine. Outside of that, trading NW Bio based on TA alone, at this moment in time, should be considered penny wise and pound foolish. But I wish you luck.
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