Bullish Trendline Has Never Failed Crispr Therapeutics Stock

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Deputy Editor
Apr 17, 2024 at 12:58 PM
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Crispr Therapeutics AG (NASDAQ:CRSP) is 2.8% lower at $56.35 this afternoon, continuing a pullback from a Feb. 22, more than two-year high of $91.10. Over the last month, CRSP has erased 20.8% and now sports a 9.6% year-to-date deficit.

For those looking to buy in on the dip, however, the recent pullback puts Crispr Therapeutics stock within one standard deviation of its 320-day moving average, a trendline with historically bullish implications. According to Schaeffer's Senior Quantitative Analyst Rocky White, the equity saw two similar signals in the past three years, after which it was higher one month later each time, averaging an impressive 13.3% gain. A move of similar magnitude would put the shares at roughly $63.85.

CRSP Chart April 172024

Crispr Therapeutics stock's 14-day relative strength index (RSI) of 18.2 is deep in "oversold" territory, which is typically indicative of a short-term bounce. Plus, short interest represents 17.6% of the stock's available float, and would take eight days to cover at CRSP's average pace of trading. 

Plus, its Schaeffer's Volatility Scorecard (SVS) stands at a high 86 out of 100, indicating the stock exceeded option traders' volatility expectations in the past 12 month -- a boon for premium buyers.

 

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