Exelixis is a genomics-based drug discovery company and the producer of Cometriq, a treatment approved for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.
Let's check out the charts of EXEL.
In this daily bar chart of EXEL, below, we can see that prices made a huge upside price gap or void last month. Trading volume was very heavy and prices continued higher before correcting lower in recent days.
Prices are extended above the rising 50-day moving average line and the rising 200-day moving average line. We can also see a bullish golden cross of the 50-day line moving above the 200-day line.
The daily On-Balance-Volume (OBV) line shows a bullish rise from December telling us that buyers of EXEL have been more aggressive for several months.
The Moving Average Convergence Divergence (MACD) oscillator crossed above the zero line last month for an outright go long signal but this indicator has lost some strength as prices have retreated in recent days.
In this weekly bar chart of EXEL, below, we can see a number of bullish clues on the chart and with the indicators. Prices gapped to the upside last month clearing the 40-week moving average line and probably turning the slope of this indicator positive.
The weekly OBV line shows an interesting bullish divergence as it made a higher low in March when prices made a lower low. We can see a similar bullish divergence with the MACD oscillator making a higher low in March and crossing the zero line for an outright buy signal on this longer time frame.
In this Point and Figure chart of EXEL, below, we used weekly price data to construct the chart. There are no gaps, no volume and time is largely ignored. Here the chart is showing a potential longer-term price target of $54.
Bottom line strategy: Aggressive traders could go long EXEL on available weakness risking a close below $22. $54 is our potential upside price objective.