Shares of Iovance Biotherapeutics, a clinical-stage biotechnology company, are on the move after a clinical program update. Investors who are pleased to see the company's oncology candidates getting closer to the finish line pushed the stock 20.4% higher on Wednesday.
I find stocks with this certain structure usually continue to go up. That is, an uptrend where 80%-95% of the days are green and keep their strength when it matters, like the last two weeks. Despite the major move from 8.50 to 18.00 it has held current price and its resilience is shown by staying above the 10dma when it comes to closing prices. Friday was good...
If the market decides to make this stock go uptrend again then a next key level might be $8.11.
If not, or for speculators expecting a bearish trend, another key level might be $7.60.
Manage your risk exposure correctly :)