EarningsBeats.com Digest for December 11, 2020
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Save The Date!
Event: MarketVision 2021
Date: Saturday, December 19, 2020
Time: 9:00am - 2:00pm ET
Speakers will include EarningsBeats.com Chief Market Strategist Tom Bowley along with David Keller, Chief Market Strategist, and Grayson Roze, VP of Operations, both from StockCharts.com. Details to follow.
This Biotech Looks Poised For A Big Rally
Adaptive Biotechnologies (ADPT) has been trending higher for months and has been a leader among the biotech stocks ($DJUSBT). For the past two months, 53.15 has been the key price resistance level and ADPT has been unable to close definitively above it, despite testing that level on multiple occasions over the past 8 weeks. Well, until Thursday. Volume accelerated on Thursday and ADPT finished near its high of the day, closing at 55.23,
blowing way prior resistance:
ADPT's AD line has remained quite strong and broke out to new highs, along with price, adding to the bullish breakout. ADPT has been very strong relative to its peers and that relative strength is beginning to accelerate again. ADPT will pull back at some point and, if 53.15 fails to hold as support, then I'd look for the rising 20 day EMA, currently at 49.54 and rising, to provide excellent support. Given that the daily PPO is just starting
to push higher from its centerline, I'd definitely be looking for further strength into the end of 2020 and to kick off 2021.
Happy trading!
Tom Bowley, Chief Market Strategist
EarningsBeats.com
"Better Timing. Better Trades."
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