Gene editing firm CRISPR Therapeutics (CRSP) has rallied since it reported earnings last Monday. Let's check out the charts.
In this daily bar chart of CRSP, below, I see a bullish set up. Prices trade above the rising 50-day moving average line and above the still declining 200-day moving average line.
The daily On-Balance-Volume (OBV) line has gained ground since December. The Moving Average Convergence Divergence (MACD) is bullish.
In this weekly Japanese candlestick chart of CRSP, below, I see a chart making a turn to the upside. Prices made a significant decline and have made a bottom pattern the past year or so. Prices have rallied above the 40-week moving average line.
The weekly OBV line has shown strength from January and tells me that buyers of CRSP are being more aggressive than sellers. The MACD oscillator is now crossing the zero line from below for an outright buy signal.
In this daily Point and Figure chart of CRSP, below, I can see a potential upside price target in the $81 area.
In this weekly Point and Figure chart of CRSP, below, I see the same $81 price target as the daily chart.
Bottom line strategy: Traders could go long CRSP on a dip towards $65. Risk to $58. $81 is my first price target.
