Corcept Therapeutics (CORT) has more than doubled in the past 12 months but a look at the indicators and a Point and Figure chart suggest that CORT could double yet again from current levels. You should find the latest charts and indicators pretty convincing.
In this daily chart of CORT, below, we see CORT is above the rising 50-day moving average line and the rising 200-day moving average line. The On-Balance-Volume (OBV) line has been rising the past 12 months and tells us that buyers of CORT have been more aggressive. Notice the heavier volume of turnover since November. The Moving Average Convergence Divergence (MACD) oscillator has been above the zero line for much of the past year and is currently poised to cross to a take profits sell signal.
In this three year weekly chart of CORT, below, we can see that prices have been advancing for much of the past three years. CORT is above the rising 40-week moving average line. The weekly OBV line is bullish and the MACD oscillator is also very bullish with a fresh buy signal above the zero line.
This Point and Figure chart of CORT, below, shows an impressive base pattern. Prices broke out at $8 and have traded in a $7.00 to $11.00 range. The potential price target of this large base measures to the $22-$23 area.
Bottom line: CORT looks like it has a lot more on the upside. Traders should look to probe the long side of CORT near $10 and risk below $8.50 for now. Our upside price objective is $23.