fbpx

QQQ
+ 3.41
366.16
+ 0.92%
BTC/USD
+ 591.47
44181.00
+ 1.36%
DIA
+ 5.05
337.45
+ 1.47%
SPY
+ 5.28
432.58
+ 1.21%
TLT
-3.43
155.22
-2.26%
GLD
-1.88
167.30
-1.14%

Co-Diagnostics Stock Surges: Can It Continue?

July 22, 2021 4:56 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Co-Diagnostics Stock Surges: Can It Continue?

Co-Diagnostics Inc. (NASDAQ:CODX) shares rallied higher Thursday after reports circulated that $1.6 billion could be directed toward COVID-19 testing in high-risk areas by the Biden administration. 

Co-Diagnostics was up 21.15% at $10.54 at the close Thursday. 

See Also: Why Co-Diagnostics Shares Are Skyrocketing Today

codxdaily7-22-21.png

Co-Diagnostics Daily Chart Analysis

  • Shares have been trading in what technical traders call a falling wedge pattern. The stock saw a jump in price and neared pattern resistance after the report came out.
  • The stock is trading above the 50-day moving average (green), but below the 200-day moving average, indicating the stock is likely in a period of consolidation.
  • The stock may find support near the 50-day moving average, while the 200-day moving average may hold as support.

Key Co-Diagnostics Levels To Watch

  • The stock saw a move up Thursday pushing the stock toward the top of the pattern; the stock could not break above the pattern resistance.
  • The stock may cool off and trade within the pennant for a bit longer before breaking above resistance or below support.
  • The Relative Strength Index (RSI) shot up to 68 Thursday, pushing it toward the oversold area. If the stock can cross into the overbought range as it sees upward movement, the stock may break out of the pattern.

What’s Next For Co-Diagnostics?

Bullish traders would like to see the stock break out of the wedge pattern resistance and see a bullish move higher. Bulls would then like to see a period of consolidation where the stock can hold its gains and possibly be ready for its next leg up.

Bearish traders would like to see the stock fall further and break below pattern support. This could cause the stock to see a further downward push and a possible change of trend. Bears would like to see the RSI drop lower and fall below the 50 line.

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.


Related Articles

Co-Diagnostics Stock Moves Higher As Q2 Earnings Top Estimates

Co-Diagnostics Stock Moves Higher As Q2 Earnings Top Estimates

What's Next For JD.com Stock After The Pullback?

What's Next For JD.com Stock After The Pullback?

JD.com Inc. (NASDAQ: CODX) shares fell Monday as many Chinese companies trade lower following reports the U.S.-China relationship is in a “stalemate” after a meeting between officials from the two countries. read more
18 Medical Stocks To Watch Amid The Coronavirus Outbreak

18 Medical Stocks To Watch Amid The Coronavirus Outbreak