The last time we checked out the charts of Beam Therapeutics (BEAM) back on January 14 we wrote that "... the charts now tell me that longs have done extremely well, and they should take profits and take the rest of the week off."
The shares declined from the middle of January to around the middle of May and shed 50% of their value from around $120 to $60. Let's see how things are going today.
In the updated daily bar chart of BEAM, below, we can see that the shares gapped higher Monday to extend the gains from the low in May. Prices are above the rising 50-day moving average line and above the rising 200-day line. The 200-day line was successfully tested in May.
The On-Balance-Volume (OBV) line has been strong and rising the past 12 months to confirm the price gains. The Moving Average Convergence Divergence (MACD) oscillator crossed above the zero line earlier this month for a buy signal.