4974 Takara Bio is looking at a strong bottoming-out reversal after the stock has completed the 1st reversal pattern of the cup and handle. Next, it has briefly closed above the major downtrend line, supported by rising volume. This is a clear indication of bullish pressure. Indicators:
The long-term MACD is indicating a strong reversal to the upside, as the MACD/Signal line rose in tandem with positive histogram.
Stochastic Oscillator is seen rising steadily.
23-period ROC is positive and continues to rise. The directional movement index indicates strong bullish strength.
Volume remains in a healthy expansion.
Strategy:
EP: 895 or enter on pullback at 830.
Major support is at 760
Long-term target is at 1,600
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.