CRISPR Therapeutics (CRSP) is trading in a horizontal channel, also known as a rectangle pattern, and a significant move in the stock is expected soon.
CRSP is a gene-editing company that is engaged in the development of CRISPR/Cas9-based therapeutics. CRISPR/Cas9 is a technology that allows for precise, directed changes to genomic DNA. This technology that can repair defective genetic material has game-changing potential. The lead candidate in its pipeline is CTX001, which is an investigational ex vivo CRISPR gene-edited therapy currently being developed for treating TDT and severe SCD.
Take a look at the 1-year chart of CRSP below with added notations:
Chart of CRSP provided by TradingView
For the past month, CRSP has been in a sideways trading range. While in the range, the stock has formed a key resistance at $97 (red), and an important level of support at $84 (green).
The possible long positions on the stock would be on a breakout above $97. The ideal short opportunity would be on a breakdown below $84.
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CRSP shares were trading at $89.67 per share on Friday morning, down $2.07 (-2.26%). Year-to-date, CRSP has gained 47.23%, versus a 5.69% rise in the benchmark S&P 500 index during the same period.
About the Author: Christian Tharp
Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock.Chart of the Day: A Rectangle Pattern Develops in CRISPR Therapeutics (CRSP) appeared first on StockNews.com