Chiasma Inc (NASDAQ:CHMA) broke out of its significant intermediate-term resistance and surged considerably higher amidst impressive buying pressure on Friday. I'm going to keep an eye on it and see how it reacts next week. The outlook is now positive and a move to 3.7-3.90 appears likely. Stop-loss 2.5. Friday’s high of $2.98 is resistance for the next upside move. If the stock can break through this level, we should see a strong move. CHMA can be a good trading stock, so keep it on your radar for the next few days. On the technical side, indicators are sending bullish signals. The MACD is above the signal line and the RSI & Slow stochastic are bothrising above their 50% levels. Plus, the ADX is turning up form oversold lows. Moreover, the company has a strong cash position, nearly $4.50 per share or $115.6 million (as of June 30, 2016). Watch for a break of 2.98 to continue the uptrend.
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Chiasma Inc: Strong Breakout On Heavy Volume
Published 09/25/2016, 02:28 PM
Updated 07/09/2023, 06:32 AM
Chiasma Inc: Strong Breakout On Heavy Volume
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