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Relypsa Inc: Could Resume Its Upside To $25

ByAntónio Costa
Published 07/16/2016, 04:42 PM
Updated 07/09/2023, 06:32 AM

Relypsa Inc (NASDAQ:RLYP): Earlier this month, the stock broke the downtrend line and cleared the declining 200-day EMA on expanding volume. Price pulled back last week on low volume and successfully tested the 200-day EMA (new support / prior resistance). Following a short-lived pullback, the stock resumed the upside Friday with a big bullish candlestick on solid volume. This could lead to a test of the 21.98 high within the coming days, which is why RLYP has been added once again to my watchlist for next week. From a technical perspective, the key EMAs I monitor (9-day EMA, 13-day EMA, 20-day EMA, 50-day EMA and 100-day MA) are confirming the recent strength in the stock. On the daily technical chart above, notice the 20-day EMA (light blue line) crossed above the 100-day EMA (Pink line) late in June. Also, the 50-day EMA is now above the 100-day EMA and trending higher. Plus, the MACD is rising above its signal line in positive territory and the RSI has moved above its 50% level. A move above $21.98 next week opens the door to $25. I continue to support the idea of a significant rally, probably even above the April highs. The bulls remain in control as long as it continues consolidating its recent move.

RLYP Daily Technical Chart

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