Clovis Oncology Inc. is a biopharmaceutical company from the USA that mainly distributes products for treatment in oncology. The company has license agreements with Pfizer Inc., AstraZeneca UK Limited, Advenchen Laboratories LLC and Celgene Corporation. The company was founded in 2009 and has its headquarters in Boulder, Colorado.
The following analysis will go into more depth on the company’s stock from a technical point of view.
Review (daily chart)
In the daily chart, we can see an upward trend that was broken in the beginning of April when the last low point at 56.56 USD was undercut (red line). In the further course of things, a new downward trend formed, which is currently over 50% into the correction.
Short-term outlook (hourly chart)
In the hourly chart, we can easily see the superior downward trend. In order to enter into this value, one should wait for the formation of a signal, which should appear in the form of a trend reversal in the hourly chart (as drawn in) or of a reversal bar in the daily chart. The targets being aimed at (green zones in the daily chart) are in the area around 46 USD in the short term and in the areas around 26.20 USD and 12.50 USD in the long term.
If the price clearly and sustainably exceeds the area of the last significant high point at 59.70 USD, one should abandon the short scenario.
Before trading, one should take news in the environment and from the company into account. Similarly, one should also observe the overall market.
Neither the author nor our company is invested in the securities and underlyings discussed at the time of publishing this analysis.
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