Omeros (OMER) has been weak for the last two years. In the last week, it surged to new 52-week highs and kept adding to it this week. The SCTR shows the stock as a weak performer for the last two years which suggests avoidance. But the trend appears to be changing with the first new 52-week high seen in years and the stock is becoming one of the top performers based on price action.
A break above $16.80 gives us more reasons to be in this trade as it takes out some of the more recent buyers that were trying to buy in on the last major surge. The MACD has moved above zero for the first time in years. The volume on the breakout last week was well above average suggesting more investors stepping in to buy the stock here.
I will be hosting the StockCharts Market Outlook on Sunday, April 9th at 11 AM EDT with Tom Bowley. We have a big morning planned with lots of charts to share. We look forward to you joining us. Click here to register.
Thanks for following,
Greg Schnell, CMT, MFTA