Don't Ignore This Chart!

Clovis (CLVS) Breaks Through To 52 Week Highs

 | 

Clovis Oncology (CLVS) had a big week as a Christmas present for investors. But the chart tells us another story. Back in 2013, the stock gapped above $40 and went on a run to $86. After a tumultous pullback to $35, the stock went on another run to $116. Late in 2015, the stock lost 75% in a day. A really bad day at the office. After losing another 50% from there, the stock finally found a bottom. This week, the stock pushed back through the major support / resistance area around $38. With volatility so disruptive, a small position size is warranted, but the current push looks to be sustainable and there is lots of upside above.

It is a small cap so it swings like the wind. If you are looking for faster moves, this one seems to offer that, both ways.

Good trading,
Greg Schnell, CMT, MFTA.

 
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
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus