CRSP completes a bottoming pattern

CRISPR stock completes a bottoming pattern on its daily chart

Anything can happen of course (it’s TA after all; black art, not science no matter how vehemently the men who stare at charts may choose to disagree) but at this point CRSP, a stock we’ve been casually tracking in NFTRH (but I don’t own*) has done the right things in order to make a significant, if not ultimate bottom.

  1. Break above SMA 50.
  2. Drop to test SMA 50.
  3. Grind the hell out of everybody as a reminder that bottom feeding ain’t easy.
  4. Pop above the major trend marker, the still-downtrending SMA 200.

As long as it holds the support area coinciding with the SMA 200 it’s a strong candidate to rally hard. The pattern, by the way, implies a target of around 103.

* I chose a couple other Biotech related stocks, each of which were also in a bottoming stance (one has bottomed and been at least as constructive as CRSP and the other still appears set up to follow).

crispr daily chart

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