CytomX has been triggered

March 2, 2018 08:00 AM

Healthcare play CytomX Therapeutics Inc. (CTMX) appears headed higher after a cup base breakout in early 2018. CTMX is higher by 120% during the last one-year period. Earnings have been mostly higher with three consecutive significant quarterly gains. The stock saw and maintained gains from November 2017. Most impressive is CTMX’s ability to consolidate strength and not give back gains after a 17.8% early 2018 weekly advance. Traders should enter CTMX above its cup base trigger of $24.77, which can also be interpreted as a weekly cup with handle in a pattern that began the week ending Dec. 4, 2015.   

About the Author

Doug Busch has been trading the U.S. equity markets for two decades using traditional technical analysis, as a trend follower, with an emphasis with Japanese candlesticks. @ChartSmarter