Cup And Handle Opportunities: Novocure And Reata Pharmaceuticals
Aksel Kibar | Jul 02, 2019 06:20AM ET
Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the breakout and watchlist sections two bullish cup and handle continuation chart pattern opportunities, listed on the Nasdaq Stock Exchange. You will also find an educational video on cup and handle chart pattern.h3 NOVOCURE LTD/h3
Novocure Ltd (NASDAQ:NVCR) is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 7 month-long cup and handle with the horizontal boundary acting as strong resistance at 54.5 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 56.5 levels will confirm the breakout from the 7 month-long cup and handle with the possible chart pattern price target of 80 levels. A breakout can push the stock to all-time highs. This week’s price action was a borderline breakout. I will wait for another day of strength to confirm this breakout.
Reata Pharmaceuticals Inc (NASDAQ:RETA). is a clinical-stage biopharmaceutical company. The Company is focused on identifying, developing and commercializing product candidates that modulate the activity of regulatory proteins involved in the biology of mitochondrial function, oxidative stress, and inflammation to address the unmet medical needs of patients with a range of serious or life-threatening diseases. The stock is listed on the Nasdaq Stock Exchange. Price chart formed an 8 month-long cup and handle continuation with the horizontal boundary acting as strong resistance at 100 levels. A daily close above 103 levels will confirm the breakout from the 8 month-long cup and handle continuation with the possible chart pattern price target of 146 levels. Breakout can push the stock to all-time highs.
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