The breakout that is highlighted on the price chart suggests that the consolidation wave that was in development for 2.5 years is complete, and that a new advancing impulse wave is now in development. In doing so, KITE stock completed a very large wave structure that is suggesting that higher prices are now on the horizon.Īlso Read List of Top 10 Biotech Companies to Watch in 2017 This level of price resistance stood for 2.5 years before it was finally broken. Prior to this, that level of price resistance acted to refute KITE stock’s every attempt to break above it since January 2015, when this level of resistance was first established. The price chart clearly shows that, on June 20, KITE stock broke above a key level of price resistance at $90.00. The following Kite Pharma stock chart illustrates the breakout above resistance that has me so enamored and excited about the prospects of this investment. This dynamic offers an incredible opportunity in a compelling investment. This rising tide creates a bullish tailwind that will push the entire sector higher. When a stock breaks out, it's one thing. But if the entire sector is breaking out at the same time, the implications are magnified because it creates a rising tide, and a rising tide raises all boats. My excitement is compounded because the breakout on the KITE price chart is coinciding with a breakout in the iShares NASDAQ Biotechnology Index (ETF) (NASDAQ:IBB), which is suggesting that the entire sector is ready to make a move. Breaking above this price level carries implications that are worth getting excited about. In order to accomplish this feat, Kite stock had to break above a significant level of price resistance. I have reason to believe that this lagging sector is now on pace to make a comeback, and it is one of the reasons why I am currently focusing on Kite Pharma Inc (NASDAQ:KITE) stock. The main reason is that Kite Pharma stock just forged a 52-week high, which is also a new all-time high. The bull market in equities is missing a key player, and that player is the biotechnology sector. KITE Stock: A Monster Move in the Making These two indications suggest a bullish move ahead. 07:13:21 Kite Pharma Inc NASDAQ:KITE KITE stock Kite Pharma stock Kite Pharma stock chart KITE pharma price chart KITE stock chart KITE price chart IBB ETF stock chart Kite Pharma stock (NASDAQ:KITE) broke out to the upside at the same time as a breakout in the IBB ETF. All Eyes on Kite Pharma Stock as It Breaks Out
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |