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Brooklyn Immuno Therapeutics Skyrockets: Technical Levels To Watch

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Brooklyn Immuno Therapeutics Skyrockets: Technical Levels To Watch

Brooklyn Immuno Therapeutics Inc. (NYSE: BTX) shares are soaring Friday.

The stock is likely continuing its run after the company paid $1 million towards the acquisition of a license for Factor Bioscience’s and Novellus mRNA gene editing and cell therapies technology. If the license agreement is completed, it allows Brooklyn Therapeutics to utilize a patented process to seek to develop gene-edited compounds using mRNA.

Below is a chart analysis on the 15-minute timeframe.

btx15-min4-30-21_0.png

Brooklyn Therapeutics 15-Minute Chart Analysis

  • The stock looks to have broken out of what technical traders may call an ascending triangle pattern. It's now testing the old resistance as support.
  • The stock is trading above both the 50-day moving average (green) as well as the 200-day moving average (blue) on the short-term chart. This indicates the stock has had bullish sentiment throughout the recent months.
  • The moving averages are areas on the chart that may hold a support level unless the price makes a strong move downwards through the averages.

Key Levels To Watch

  • The stock has been building higher lows on the 15-minute chart into an ascending triangle pattern. The pattern may have broken and now the stock is looking for support where it once previously found resistance.
  • The ascending triangle shows a flat top resistance near the $50 level as this is a price level where sellers were able to push the price back down.
  • If the stock were to fall below the higher low trendline, the stock may be considered bearish.

What’s Next?

Bullish technical traders would like to see the stock continue to hold above the $50 level for a potential further push upwards.

Bearish technical traders would like to see the stock fall back below the $50 level. Below this level, a push lower beyond the higher low trendline could really push the stock lower.

 

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