Aurinia Pharma Stock Showing A Potential Reversal Pattern: 4 Key Levels To Watch
Aurinia Pharmaceuticals Inc (NASDAQ:AUPH) was trending Tuesday afternoon possibly amid the stock making a new 52-week low. Below are the technical levels to watch on the chart.
Aurinia Daily Chart Analysis:
- The stock is trading below both the 50-day moving average (green) as well as the 200-day moving average (blue). This indicates the stock has had bearish sentiment before the announcement of coverage Tuesday.
- The moving averages are areas on the chart that may show shorter-term resistance until the price can cross above again.
- A previous support level may now become resistant until the price can cross back above this level.
Key Levels To Watch
- The stock has shown to have a key level in the past near $13.
- The $13 level was able to hold as support previously and may now turn into resistance.
- The stock looks to be forming into what technical traders may call a falling wedge pattern.
- A falling wedge pattern is a bullish reversal pattern, if the stock can break above the pattern it could mean the trend is changing.
What’s Next? Bullish technical traders would like to see the stock break above the falling wedge pattern and confirm a change in trend. Eventually, bullish traders would like to see the stock cross and hold above the $13 level for potential further moves up in the future.
Bearish technical traders would like to see the stock fail to break above the falling wedge pattern. The stock would then continue in the downtrend it is in.
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