EarningsBeats.com Digest for October 1, 2021
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Save the Date: ChartFest2021
Saturday, October 16th, 2021, Time TBD
Join Tom Bowley, Chief Market Strategist at EarningsBeats; David Keller, Chief Market Strategist at StockCharts; and Grayson Roze, VP of Operations at StockCharts as they discuss a NUMBER of charts - and what they're seeing technically.
Stay tuned for more information. We hope to see you there!
Even During a Selloff, Key Price Support Levels Need to Hold
In late-June 2021, Intellia Therapeutics (NTLA) soared more than 100% in just 3 days after the biotech company reported excellent results from clinical trials. Since that information was released to the public, a new technical support level was established at subsequent lows near 130. While other technical indicators might suggest more bearish
behavior ahead, I view nothing to be more important than price support. So, as long as 130 price support holds, I'm bullish NTLA:
Biotechs ($DJUSBT) have been struggling as a whole, recently moving to a 2 1/2 month relative low vs. the benchmark S&P 500. The group has turned higher on a relative basis over the past week or so, however, a good start potentially at reversing its recent fortunes. I'd look for the 130 support level to continue holding, but I'd make no excuses if this support fails to hold as the next major support would be the bottom of gap support just beneath
90. Personally, I think it's a mistake to point to the current market environment as an excuse. Key support should hold whether the overall market is bullish or bearish.
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Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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