Will Vertex Get More Vertical?
Vertex Pharmaceuticals has been quietly sitting near record highs, and now some traders may look for movement to the upside.
The first pattern on today’s chart is the tight consolidation pattern since early August. VRTX barely fell despite a steeper pullback in the broader market -- a potential sign of relative strength.
The narrow range also pushed Bollinger Bandwidth to its narrowest since early 2020. Are prices due to start moving again?
Next, the stock ended Monday at $352, its highest closing price in six weeks. That might draw fence sitters from the sidelines.
Also consider the series of higher weekly lows since the spring. It could be a sign of buyers lurking near current prices.
Finally, prices have remained near the 50- and 100-day simple moving averages (SMAs) without breaking under them. That could suggest the longer-term uptrend remains in effect.
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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: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the tight consolidation pattern since early August. VRTX barely fell despite a steeper pullback in the broader market -- a potential sign of relative strength.
The narrow range also pushed Bollinger Bandwidth to its narrowest since early 2020. Are prices due to start moving again?
Next, the stock ended Monday at $352, its highest closing price in six weeks. That might draw fence sitters from the sidelines.
Also consider the series of higher weekly lows since the spring. It could be a sign of buyers lurking near current prices.
Finally, prices have remained near the 50- and 100-day simple moving averages (SMAs) without breaking under them. That could suggest the longer-term uptrend remains in effect.
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: https://www.tradestation.com/important-information.
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