EDIT - Bullish bounce off triple support, in a strong uptrend

Long

EDITAS MEDICINE INC (NASDAQ:EDIT)

NASDAQ:EDIT EDITAS MEDICINE INC

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EDIT has formed a short-term, very steep rising channel , within a bigger, much more sustainable, multi-year rising channel . Call me crazy, but I think this one is going to do well... Right now, price is acting well at triple support: not just the aforementioned short-term rising channel , but also a former falling resistance, and the all-important 50 day MA (both in dark blue). If you switch the chart to daily candles, you'll see a long-legged morning star doji formed on friday at triple support, and today we're gapping up... If all this doesn't convince you to go long EDIT, I guess nothing will, so I rest my case.

Full disclosure: long EDIT at 1.6% of total assets. Itching to buy more, even if I should not concentrate too much on a small cap biotech stock with no earnings (yet). But technicals AND fundamentals are fantastic, so I may just grab a little more.

Comments

Agree. I think that this is the company that Jeff Brown is talking about in respect of a major CRISPR breakthrough announcement later this week.

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kev-in

@kev-in, Yes, he's one of many who reccomend it, and it has been a great performer so far. Unfortunately, the short-term picture has turned quite bleak for the biotech sector: it's down 2.35% for the month of July, with the Nasdaq and the S&P both up strong... And the monthly candle for the XBI has formed a shooting star, after an 80% run from the lows of March... Most of the biotech ideas I've posted recently are NOT going well because of this, so I advice maximum caution with this sector for the time being. Buy the dips, don't chase.

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It will be interesting to see what happens this week Luke. I recently listened to one of his video's where he appeared to rule out Editas's direct competitor Intellia.

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