Chimerix, Inc.Long
CMRX 2/7/2020
Analysis-
Daily chart- After long downtrend, price has been in sideways market between 1.24-3.38 for 638 days. After making a move to resistance on July2020, price fell and found support from 200 MA then working itself back to resistance and finally breaking out. After breakout of 40%, price pulled back but was supported by 10MA were it went on to make another move of 111%. The bounce of the 10ma signals very strong bull strength. Since that move, Price has found resistance @ 9.33 area but has made a series of higher lows and is still supported by 10ma. This is all signaling very strong buy strength by bulls. Will look into 1hr chart for possible entry.
1hr Chart- Price is current above both 50 & 200 MAs, showing us the uptrend on the 1hr chart. The price bounce off Resistance area of 9.33-9.51 with the exceptions of a few false breakouts. It has now made a series of higher lows into this level showing us buyers willingness to buy at higher prices. On 2/5/2020, price broke above resistance and bounced off turning resistance into support. This is my entry signal.
Entry: 9.73
Stop Loss: 8.85(-9.14%)
Initial Target: Trailing 10MA on daily chart
Daily chart- After long downtrend, price has been in sideways market between 1.24-3.38 for 638 days. After making a move to resistance on July2020, price fell and found support from 200 MA then working itself back to resistance and finally breaking out. After breakout of 40%, price pulled back but was supported by 10MA were it went on to make another move of 111%. The bounce of the 10ma signals very strong bull strength. Since that move, Price has found resistance @ 9.33 area but has made a series of higher lows and is still supported by 10ma. This is all signaling very strong buy strength by bulls. Will look into 1hr chart for possible entry.
1hr Chart- Price is current above both 50 & 200 MAs, showing us the uptrend on the 1hr chart. The price bounce off Resistance area of 9.33-9.51 with the exceptions of a few false breakouts. It has now made a series of higher lows into this level showing us buyers willingness to buy at higher prices. On 2/5/2020, price broke above resistance and bounced off turning resistance into support. This is my entry signal.
Entry: 9.73
Stop Loss: 8.85(-9.14%)
Initial Target: Trailing 10MA on daily chart
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.