TK0421

CRSP short trade updates on weekly chart

Short
NASDAQ:CRSP   CRISPR THERAPEUTICS AG
Here is my follow up update on original CRSP swing short trade idea I put up on January 14th.

On this post, I am zooming out to weekly chart, looking at longer time frame to capture cyclical trends.

Going back all the way to 2017 inception period, the higher than average volatilities are pretty easy to notice. It moves up really fast but also coming down. Every single time it has entered bear market or the sell signal is triggered, it has corrected well into double digit, easily averaging over 50%. In addition, RSI being overbought and high level PPO bearish cross overs are clear indication to trend reversal as well.

Lastly, the week is too young still to comment yet but as of the end of today's session, it has taken down the up trend line as well on the weekly chart. There are plenty of time left in the week to recover the trend line but we shall see. It would be bullish if it can snap back above by the end of this week. I do not think CRSP will drop to my potential max targets without decent double digit correction in SPY and QQQ .

I will comment on this post after the Friday close to see where it will be by then.

If anyone has any thoughts either bullish or bearish , I would love to hear from you. Also, if you find it interesting, please follow me here.

Have a good trade everyone,

T.
Comment: Low of $99 during today's session. Over 50% down from the ATH.

Comments

Hello there, I have been following this specific idea from the begining and you seem to have made a very good read so far. Well done! As for me I am bullish on Crispr long term as I find what they do very inovating. I'm just trying to catch a good entry point. Do you think it's good entry at 130?$?
+1 Reply
TK0421 ttvtrampoukkos
@ttvtrampoukkos, Likewise. I am bullish long term that CRSP as well. I wouldn't say it is the most object area to add on since it is pushing against the resistance as well as potential down trend line. On the daily chart, the stock is oversold but oversold is not a buy signal. It needs to be confirmed by other signals and indications. In addition broad market is at very key technical levels, however if your definition of long term is over a year and on, I don't know if I would focus so much to the dollar amount. If it can break upward, next resistance is at $138ish level (top of the gap).
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