Repligen Has More Upside Ahead

 | Sep 13, 2016 | 4:05 PM EDT
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Repligen  (RGEN) made an interesting double-bottom formation this year and has more to go on the upside. A pullback in the short run would give investors the opportunity, I believe, to add to longs and average up.

In this daily chart of RGEN, above, we can see the first low in December/January followed by a rally. There is a retest of the second low in June before the next leg higher. From June, the buyers get more aggressive and the On-Balance-Volume (OBV) line turns to the upside. Prices are above the rising 50-day and 200-day moving averages. There is a bullish golden cross of the 50-day and 200-day averages in August. We also see a recent bearish divergence between the higher price highs in July and August and the lower momentum readings in the bottom panel. This bearish divergence tells us the strength of the rally is weakening and this can foreshadow a decline.

In this weekly chart, above, we can see prices are above the rising 40-week moving average line. The OBV line on this timeframe is also bullish and the weekly Moving Average Convergence Divergence (MACD) oscillator is rising and above the zero line for a bullish setup.

Strategy: A correction taking prices slightly below $30 on light volume would be welcomed. A close below $28 would turn our charts and indicators neutral.

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