Stock Chart Analysis VRTX
Vertex Pharmaceuticals Incorporated(Public, NASDAQ:VRTX)
Drug stocks have been weak recently, and VRTX is a name that popped up on one of my screens on the sector recently. It topped out a few years ago and plunged from $45 to $14 over the span of a little over a year. It bounced from those levels, but stopped short of the prior highs. It has been trading in a series of lower highs and lows since peaking again in February, and has a few levels of resistance above it. With the general markets at overbought levels, and the Drug stocks acting weakely, VRTX remains vulnerable to further pullback.
It failed to move back above the 200 day moving average recently, and broke under a longer term trendline. Currently, it is close to losing support near $26, and if it breaks under that it has a price vacuum to the $20-$22 level. This offers a decent risk versus reward setup, with a stop just over $28.
Good Trading,
Joey
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