Roche new up leg in sight

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By :  ,  Financial Analyst

Roche : new up leg in sight ?

Roche, the pharmaceutical giant, said a phase 3 study, evaluating its ipatasertib in combination with abiraterone and prednisone/prednisolone, met the co-primary endpoint of radiographic progression-free survival (rPFS) in patients with metastatic castration-resistant prostate cancer, but the other co-primary endpoint of rPFS in the overall study population was not met.

From a chartist's point of view, the short term consolidation started in May could be over as prices have landed on a key support at 320CHF and are posting a rebound. The breakout confirmation of the 20DMA is a bullish event. The daily Relative Strength Index (RSI, 14) is pushing above its declining trend line. The general up trend remains in place.
Readers may want to consider the potential for long positions above the horizontal support at 320CHF with 351CHF and 358CHF as targets. Alternatively, a break below 320CHF would invalidate the bullish trend and would call for a down move towards 298CHF.

Source: GAIN Capital, TradingView

Related tags: Equities

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