Global Blood Therapeutics (GBT) broke out to new highs last week and remains strong today. Let's check out the charts of this clinical-stage biopharmaceutical company.
In this daily bar chart of GBT, below, we can see that prices made a straight up rally in November breaking above the June 2019 highs. Volume increased significantly on the rally giving us confirmation and support of the uptrend.
GBT is above the rising 50-day moving average line and the rising 200-day moving average line.
The daily On-Balance-Volume (OBV) line has soared sharply from November to tell us that buyers of GBT have been more aggressive.
The Moving Average Convergence Divergence (MACD) oscillator is also up strongly from a buy signal last month.
In this weekly bar chart of GBT, below, we can see a bullish setup with prices and the indicators. Prices are in new high ground and above the rising 40-week moving average line.
The weekly OBV line has just made a new high for the long move up and confirms the price gains.
The trend-following MACD oscillator is crossing the zero line to the upside for a buy signal.
In this first Point and Figure chart of GBT, below, we can see the uptrend and a relatively nearby price target of $75.
In this second Point and Figure chart of GBT, below, we used weekly close only data and here a $110 price target is indicated.
Bottom line strategy: Trade GBT from the long side risking below $64. $75 and then $110 are our price targets.
