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Finance

AGIO: Chart of the Day: Agios Pharmaceuticals (AGIO)

 

Agios Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the discovery and development of novel investigational medicines to treat cancer and rare genetic diseases.

Take a look at the 1-year chart of Agios (NASDAQ: AGIO) below with added notations:

AGIO had been trending overall higher going into winter of last year. However, the stock eventually stalled, as AGIO has now hit the same resistance at $54 (red) on two separate occasions. The stock has recently hit and pulled back from the $54 level again, but a solid close above that mark should lead to another leg higher for AGIO.

The Tale of the Tape: AGIO has a 52-week resistance at $54. The possible long position on the stock would be on a breakout above that level with a stop placed under it. 

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade.  Capital preservation is always key!

Good luck!

Christian Tharp, CMT

@cmtstockcoach

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AGIO shares were unchanged in premarket trading Thursday. Year-to-date, AGIO has gained 6.39%, versus a -4.75% rise in the benchmark S&P 500 index during the same period.

About the Author: christian

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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