T2 Biosystems, Inc. (TTOO) Target $2.50
Shares of Massachusetts-based T2 Biosystems (NASDAQ:TTOO) surged another 30% this week on meme stock interest.
T2 Biosystems (TTOO) shares have surged 385% in the past month after the company was granted an extension to comply with Nasdaq’s minimum bid price of $1 and market value of listed securities requirement of at least $35 million.
The company has since regained compliance with the minimum market value requirement, and its shares are now trading just over halfway towards the minimum bid price of $1 required to remain listed on the Nasdaq.
T2 Biosystems must achieve the minimum bid price by November 20, 2023. If the company does not meet this requirement, it could be delisted from the Nasdaq.
The surge in T2 Biosystems shares is likely due to a combination of factors, including the company’s recent positive news and the overall bullish sentiment in the stock market.
In July, T2 Biosystems announced that it had received an extension from Nasdaq to comply with the minimum bid price and market value requirements. The company was granted an additional 180 days to meet the requirements, which expires on November 20, 2023.
T2 Biosystems also recently announced positive data from a clinical trial of its T2Bacteria Panel, which is a rapid diagnostic test for bloodstream infections. The company said that the T2Bacteria Panel was able to identify bloodstream infections with a sensitivity of 98% and a specificity of 99%.
The overall bullish sentiment in the stock market is also likely contributing to the surge in T2 Biosystems shares. The S&P 500 index has gained about 15% in the past month, and the Nasdaq Composite index has gained about 20%.
The surge in T2 Biosystems shares is a positive sign for the company. However, it is important to note that the company still has to meet the minimum bid price requirement by November 20, 2023. If the company does not meet this requirement, it could be delisted from the Nasdaq.
Candlesticks
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 6 rising windows in the last 50 candles–this makes the current rising window even more bullish.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
Stochastic Oscillator
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 88.2528. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 8 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 82.69. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 3 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 193.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 3 period(s) ago.
MACD
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 45 period(s) ago.
Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
T2 BIOSYSTMS ORD(Trade Price) gapped up today (bullish) on heavy volume. Possibility of a Breakaway Gap which usually signifies the beginning of a major market move. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
T2 BIOSYSTMS ORD(Trade Price) is currently 26.2% below its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods.
Our volume indicators reflect very strong flows of volume into TTOO.O (bullish). Our trend forecasting oscillators are currently bullish on TTOO.O and have had this outlook for the last 27 periods.
Our momentum oscillator is currently indicating that TTOO.O is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
Shayne Heffernan
