Vertex Pharmaceuticals (VRTX) pushed to a new all time high Friday to close out the week. The stock has been in a general uptrend for years. After consolidating for a few months, the stock price moved sharply higher.
With the SCTR moving back above 75 and a fresh breakout, it is one of my favorite setups.
The biotech sector continues to outperform so this breakout helps continue the relative strength. If the breakout fails to hold above $170, there is a good reason to be stopped out there. This is the third attempt to breakout which looks likely to hold as it keeps persisting.
Good trading,
Greg Schnell, CMT, MFTA
About the author:
Greg Schnell, 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).
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