Benitec BioPharma Inc. BNTC shares rallied Tuesday following a filing by Morgan Stanley that showed the bank increased its stake in the Australian biotechnology company by 5.2%.
The stock gained 190.28% in Tuesday's session, closing at $9.26, and was giving back 11.12% to $8.23 in after-hours trading at last check.
Benitec Short-Term Chart Analysis: In the short term, the 5-minute chart above shows three potential key levels. These levels come from the stock's premarket highs.
The stock was able to make a high, consolidate and push higher twice during Tuesday’s premarket session.
The first key level comes from Tuesday’s first premarket high near $4.50. This level could hold as support in the short term.
There are two potential key resistance levels on the chart. These areas come from the other highs in the premarket session. After the stock made a high and its first push, it made another high near $6.50.
$6.50 may hold as a short-term resistance level in the future. During premarket trading, the stock consolidated and was able to push up to a high near $8.50. This may hold as another area of resistance beyond the $6.50 mark.
The price is trading above the 200-day moving average (blue) and below the volume-weighted average price (pink). This indicates the stock may trade sideways until one of these indicators is broken. The 200-day moving average may hold as support and the volume-weighted average price may hold as resistance short term.
Benitec Daily Chart Analysis: The daily chart above shows the stock gapped up Tuesday past a previous resistance of $5.
The previous resistance of $5 may now hold as a support level in the future.
The $7 area held previously as a support level before it broke through and fell further. This area may hold as a resistance level in the future.
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