During a period of five weeks between October and November 2023, CRSP’s price doubled. It went up from a low of $37.55 to a high of $76.16. It then slightly faded, and shortly after made another attempt higher. It could not, however, cross $76.97. That was its highest price since August 2022.
From that point, CRSP faded 28.27% in four days, all the way down to $55.21.
CRISPR Therapeutics’ weekly chart revealed that the stock was blocked by its best respected weekly moving average resistance lines, the 150-week SMA and 153-week SMA:
These moving averages registered as resistance lines in November and December of 2021.
CRISPR Therapeutics spent the next two weeks trading around the $60 area, while seeing moving average lines forming as support:
Three additional weeks went by, and CRSP spent them in the near price area, building momentum towards another future attempt higher. The stock respected the ascending 12-week EMA support line while the resistance lines moved lower:
Zooming in:
CRSP bounced off its 13-week EMA support line and closed the following week facing up, preparing to attack its resistance lines, which continued their mild descent:
CRISPR Therapeutics was quite volatile last week. It traded as low as $62.46 and touched a high of $72.49. The stock closed the week at $70.01.
Reviewing the weekly chart shows that the high CRSP hit was right at the resistance claws. Sellers were waiting at that area and started selling the stock, thus created a downward pressure that caused the stock to withdraw from its highs:
Zooming in:
We’ll be watching CRISPR Therapeutics’ price action next week. Will it break above its resistance or go back to trade between its support and resistance areas?