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Clovis Oncology Stock Rallies: Technical Levels To Watch

March 19, 2021 1:48 pm
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Clovis Oncology Stock Rallies: Technical Levels To Watch

Clovis Oncology Inc. (NASDAQ:CLVS) shares are gaining ground in Friday’s session. The jump in the shares comes after a company announcement stating that Rubraca significantly improves progression-free survival versus chemotherapy in patients with later-line ovarian cancer associated with a BRCA mutation.

The stock is trading with a market cap of $585 million and a public float of 86.4 million shares. 

The stock was trading 53.7% higher at $2.86 at last check. clvs5min3-19-21.png

Clovis Short-Term Chart Analysis: The 5-minute chart above shows the stock ran to $7 in Friday’s premarket session. The stock then consolidated and broke over the $7 level later in the morning. The stock is now trading above this level and it may now be support, as the $7 mark was a previous resistance level.

The stock then ran to a high of $8.44 Friday morning, this level may hold as a potential resistance level.

The stock is trading above both the 200-day moving average (blue) as well as the volume-weighted average price (pink). This gives the stock a short-term bullish sentiment until the price may cross below one of the indicators.

clvsdaily3-19-21.png

Clovis Daily Chart Analysis: The daily chart on Clovis above shows that the stock looks to be trading around three key price levels.

The first channel it spends a lot of its time in is between the price levels of $5 and $7.50. The $5 mark has held up as a support level many times throughout the last year. This is a hint that it could do the same in the future.

The $7.50 level acts as middle ground: the price below it has previously acted as resistance, and when the price is above $7.50, it likes to act as a support level.

The $10 mark on the chart is where there has been resistance multiple times previously, and it may hold as a resistance again.


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