Shares of Personalis (PSNL) could see a strong move higher soon. That’s because a key resistance level has formed on the stock’s chart.
PSNL is a provider of advanced genomic sequencing and analytics solutions to support the development of personalized cancer vaccines and other next-generation cancer immunotherapies. The company received some good news last week as the U.S. Department of Veterans Affairs Million Veteran Program exercised its option to extend PSNL’s existing contract through September 2021 and issued a new order worth up to $31 million.
Take a look at the 1-year chart of PSNL below with added notations:
Chart of PSNL provided by TradingView
PSNL has been trending higher ever since its March bottom. However, the stock eventually stalled, as PSNL has now hit the same resistance at $25 (red) on two separate occasions. The $25 area is also a 52-week high for the stock.
A solid close above that mark should lead to another leg higher for the PSNL. Therefore a trader could buy the stock on a breakout above that level with a stop order placed under it, to serve as protection.
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PSNL shares were unchanged in premarket trading Tuesday. Year-to-date, PSNL has gained 116.24%, versus a 2.87% rise in the benchmark S&P 500 index during the same period.
About the Author: Christian Tharp, CMT
Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More...
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