follow_the_money

#VolatilityWatch - $RGNX Upcoming data + Technical Setup

Long
NASDAQ:RGNX   REGENXBIO Inc
This year has been full of positive catalysts for RGNX . As RGNX continues to build out their clinical pipeline, data catalyst from upcoming phase 2a report on their Wet-AMD gene therapy product could send the stock roaring higher. RGNX is set to report data Oct. 13, 2019 and the companies technical setup is quite nice. The Wet-AMD market is a lucrative opportunity and proving the previous offering was worth the time and R&D to investors with good data will re-ignite excitement and investment. Although market conditions have been terrible lately, RGNX has held up great (I interpret this as positive sentiment going into data).

I have outlined and noted bullish patterns I will be watching.


One-Year-high: $85.10, July 09, 2018

  • Cup and Handle formation starting date of IPO (Stock has retraced to bullish .707 harmonic retracement level from the July 2018 high).
  • Recent low of $30 has significant price structure to hold current support.
  • $30 also marked "oversold" territory and double bottom on the one-year chart.
  • Symmetrical patterns portray controlled accumulation/ distribution in downtrend.
  • Recent price spikes indicate Bulls buying back in for potential run-up on good data.
  • RSI and CCI moving toward positive slopes.
  • Fibonnacci support levels converge with July 09, 2018 high.

Levels to Watch
-- Levels I will be watching to add range from current price ($35) down to $30. 40
-- Structural levels (highlighted in horizontal rectangular box)
-- Support levels (horizontal lines on chart) price needs to hold range from $30 -> $26

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Disclosure: I am long RGNX . I may buy or sell within the next 72 hours. This is not a recommendation to buy or sale, please do your homework before investing.


Check my recent move with Conformis Inc. (Nasdaq: CFMS ), gaining over 30% move today




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