A key support level has formed in the chart of uniQure NV (QURE). A trade below this level could cause a breakdown in the stock.
QURE is a gene therapy company. It develops treatment for patients suffering from genetic and other devastating diseases. The company just started clinical trials of a gene therapy for Huntington’s disease. If the gene therapy succeeds, it could mean a $7 billion annual market for QURE.
Take a look at the 1-year chart of QURE with the added notations:
Chart of QURE provided by TradingView
During the course of the past year, QURE has repeatedly tested the $37 area (green). Just last week the stock traded near this key level, only to bounce higher.
If the stock were to break below $37, it is expected a breakdown would occur, leading to much lower prices. Therefore, a trader could enter a short position if the $37 support level is crossed.
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QURE shares were trading at $40.25 per share on Wednesday morning, up $0.21 (+0.52%). Year-to-date, QURE has declined -43.83%, versus a 5.97% 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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