The Canadian Technician

Nuvo Research (NRI.TO) Breaks Above Year Long Resistance

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

With all the news about EpiPen recently, the pharmaceutical industry feels more like the needles-under-cuticles industry lately. Nuvo Pharmaceuticals (NRI.TO) seems to be bucking the trend with its products. In the middle of the EpiPen controversy, this stock is able to break out to new 52-week highs and also above a serious resistance level for the stock. I like the breakout here after creating higher lows and now popping through to new highs.

There is a slight level of resistance with one weekly closing high at $8.02 and one at $8.45 from a few years back. 

I like the rising MACD and the strong SCTR reading. One pause is the low volume, but I think the stock is worth watching as long as your position size is not too large.

Good trading,
Greg Schnell, CMT, MFTA.

Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic 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