Vertex Pulls Back to Old Highs
Vertex Pharmaceuticals broke out to new highs last month, and now it’s pulled back.
The first pattern on today’s chart is the price area around $325, near the peaks in December and January. VRTX has dipped to revisit that level. Is old resistance becoming new support?
Second, the drugmaker is attempting to hold the bottom of its Keltner Channel.
Third, some chart matchers may view the recent slide as a completed A-B-C correction. That could make them think the pullback is nearing its end.
Finally, stochastics have slid into oversold territory.
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The first pattern on today’s chart is the price area around $325, near the peaks in December and January. VRTX has dipped to revisit that level. Is old resistance becoming new support?
Second, the drugmaker is attempting to hold the bottom of its Keltner Channel.
Third, some chart matchers may view the recent slide as a completed A-B-C correction. That could make them think the pullback is nearing its end.
Finally, stochastics have slid into oversold territory.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
