The Canadian Technician

Knight Therapeutics (GUD.TO) Breaks Out While The Market Pulls Back

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Knight Therapeutics (GUD.TO) has been basing nicely over the last few years. Two weeks ago it broke out from the base. Last week it printed a very weak candle so the breakout was looking a little suspect. However, this week, it has continued to climb.

The Relative Strength compared to the $SPX is breaking out to new 52-week highs. With the SCTR breaking back above 75 as the stock breaks above former resistance, this looks pretty attractive. This means that the stock price is moving faster than 86% of the stocks in Canada right now.


With the MACD turning up this looks like an interesting stock that is non-correlated to the overall market pullback.

Good trading,
Greg Schnell, CMT, MFTA.

 

Announcement from the Author

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he 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 Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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