Vertex Pulls Back to Old HighsVertex 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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