Concert Pharmaceuticals (CNCE) is developing innovative medicines with deuterium chemistry (heavy hydrogen) to address the needs of patients with chronic diseases. That's over my pay grade but the charts are interesting. Let's check it out.
In this daily bar chart of CNCE, below, we can see that prices have largely "chopped" sideways until late September. Since the end of September prices have made higher lows and higher highs, or in other words, they have launched an uptrend. CNCE is now trading above the rising 50-day moving average line and the rising 200-day moving average line.
The trading volume shows an increase or pickup from the middle of September and the daily On-Balance-Volume (OBV) line shows some improvement from late September.
The trend-following Moving Average Convergence Divergence (MACD) oscillator has been stronger since October.
In this weekly bar chart of CNCE, below, we can see a base pattern going back to early 2019. Prices are trading above the rising 40-week moving average line and the weekly OBV line shows strength from September 2019.
The MACD oscillator is bullish as it has been above the zero line from October.
In this daily Point and Figure chart of CNCE, below, we can see a modest price target of $16. A start.
In this weekly Point and Figure chart of CNCE, below, we can see a potential $24 price target.
Bottom line strategy: Look to buy a shallow dip in CNCE risking below $10. The $24 area is our price objective for now.
