The bio-pharmaceutical company Immunomedics, Inc. (IMMU) has a bullish set of charts and could double in the months ahead. Let's look at the charts and indicators to come up with a formula for success.
In this daily bar chart of IMMU, below, we can see that prices have tripled in the past 12 months. IMMU is trading above the rising 50-day moving average line and the bullish 200-day moving average.
The daily On-Balance-Volume (OBV) line has been moving higher the past year telling us that buyers of IMMU have been more aggressive.
The Moving Average Convergence Divergence (MACD) oscillator is well above the zero line but it could cross to a take profits sell signal.
In this weekly bar chart of IMMU, below, we can see a bullish alignment of indicators. Prices are above the rising 40-week moving average line.
The weekly OBV line is bullish as is the weekly MACD oscillator.
In this long term Point and Figure chart of IMMU, below, we can see a longer-term price target of $43.50 or close to a double from current levels.
Bottom line: IMMU could trade sideways in the short-run, but our charts and indicators suggest that an already impressive rally should continue. Traders should try to buy a dip to around $22 risking below $18 and looking for longer-term gains to the mid-$44 area.