NASDAQ:CRSP High tight flags were first observed by legendary investor William O'Neil of IBD and CANSLIM fame. Check out the pattern on CRSP, showing an 86.12% gain in just 22 days. Notice the consolidation of 7.02% over the past week forming the high tight flag. Watch for a breakout on strong volume above the leading edge of the wedge for exponential gains. Predict that this will rise to above 120% in the coming weeks.
Read more about the launch of an approved product driving these gains at Zacks.
Well, this failed miserably, even with the news today about FDA approval. That's implied volatility for you!
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More confirmation of an upcoming rally on CRISP with the 100 SMA crossing over the 50 SMA (Golden Cross). Upper wicks on daily candles keep testing highs and we have three day higher lows. Lots of news on analyst ratings and price targets increasing so lets keep our eyes peeled and be ready to pounce on the high volume surge! Updated chart here
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Maybe we're back in the game! CRSP retraced losses from last week and is now squarely "in the box". It briefly broke highs today. Still holding for that breakout on big volume. 4.17% gain today.
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The rally has failed and broken below the "higher lows" on the high tight flag. Unless significant upward movement on volume happens in the next week, looks like this could be a dud.