Beam Therapeutics (BEAM) creates precision genetic medicines with base editing to address serious diseases. It's cutting edge.
Let's check out the charts and indicators.
In this daily bar chart of BEAM, below, we can see that prices doubled from lows in the May-June to July-August periods. Impressive. Prices rallied above the 50-day and 200-day moving averages in July and August but have since slipped back below these math-driven indicators.
The On-Balance-Volume (OBV) line bottomed in May and has remained strong into September. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line in sell territory.
In this weekly Japanese candlestick chart of BEAM, below, we see a picture with more positives than negatives. Prices rallied above the 40-week moving average line and continued to trade around it. The trading volume has been heavy the past four months and tells us that investors are showing increased interest in the stock.
The OBV line has soared higher since early May signaling a strong move back to aggressive buying. The MACD oscillator is above the zero line.
In this daily Point and Figure chart of BEAM, below, we can see an upside price target in the $75 area.
In this weekly Point and Figure chart of BEAM, below, we can see a downside price target in the $27 area.
Bottom line strategy: Shares of BEAM could trade sideways to slightly lower in the days and weeks ahead. Ideally it would be positive if BEAM held the $50 level but markets do what they want to do. Strength above $62 is positive and should be bought by traders.
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