I've been waiting on this trend line cross in Exelixis for quite a while now. It's been getting lots of analyst upgrades, and the valuation has been looking better and better. I actually bought some of this in anticipation of the break yesterday, so I'm in the green today. Exelixis's valuation got a 99/100 score from S&P Capital IQ. It has an attractive P/E of 8....
EXEL price touched strong weekly support line and going up with trendline. possibly will go long. wait for 123 pattern for confirmation. I also watching this one.
Exelixis broke above a downward sloping trend line and also pushed above its 20-hour EMA. It's also above the Hull Moving Average and has uptrending RSI and MACD with plenty of room to run before it gets overbought. This is a lovely trend line break with a likely run to at least 21 before next downward oscillation. Exelixis reports earnings on July 31, with an 8%...
That is a company which reported just phenomenal earnings.
EPS +400%
revs +100%
will hit 50 in few months.
Technicals:
broke 200 SMA and is in a uptrend for 2 years.
Target is $21 in the short term if it does, if not it'll come back down to the $16-17 area. I see a downtrend continuing in my conjecture, but hey, it's investing. If I was great at this I would've retired by now.
Trade safe!
I'll take it at $11.50. It completed up to the 3.618 and then looks like it stalled. I took the first leg of money down to formulate the downwards pattern (yellow). I've got it hitting somewhere in the $11-12 range before we see a nice little bounce. I think it'll continue the downtrend more likely than not after that though. If you see a buyout, obviously...
Elliot wave counts marked on the chart.
Regression downtrend channel breakout.
Most positive indicator is Weekly MACD turning positive.
JULY/AUG are seasonally bullish.
Added to SP400 list.
June Monthly candle stick is a bullish hammer.
Good Luck!
Exelixis, Inc. is a biopharmaceutical company. The Company is focused on discovery, development and commercialization of new medicines to manage care and outcomes for people with cancer. The Company's cabozantinib product is an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors. The Company's CABOMETYX tablets are approved for previously treated advanced kidney cancer and COMETRIQ capsules are approved for progressive, metastatic medullary thyroid cancer. The third product, Cotellic, is a formulation of cobimetinib, a selective inhibitor of MEK is approved as part of a combination regimen to treat advanced melanoma. Both cabozantinib and cobimetinib have shown potential in a range of forms of cancer and are the subjects of broad clinical development programs. The Company's XL888 is a small molecule oral inhibitor of Heat Shock Protein 90 (HSP90), a molecular chaperone protein.
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EXEL
