The Canadian Technician

Tekmira Pharmaceuticals (TKM.TO) Bounces Off The 200 DMA

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Tekmira (TKM.TO) has been on the top of the Canadian SCTR rankings for most of the last 2 years. I spotted it today on the Biggest Movers. It found support at the 200 DMA or 40 WMA.

This looks like an interesting buy point that allows us to place the stop very close. We can see the volume has stabilized after the big week in April. The SCTR shows the stock is behaving better than 90% of the stocks on the $TSX. The RSI is bouncing at the 40 level which is what we would expect if the stock is going to be staying in a bull trend.  There has been a huge increase in volume since the start of the year. That is a bullish signal. Nice to find a strong stock in a different sector for portfolio diversification.

Good trading,

Greg Schnell, CMT

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
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