Exact Sciences Corporation, a molecular diagnostics company, focuses
on developing diagnostic screening products for the early detection and
prevention of colorectal pre-cancer and cancer. The company develops the
Cologuard, a non-invasive stool-based DNA colorectal cancer-screening
test that is designed to detect pre-cancerous lesions or polyps, and
each of the four stages of colorectal cancer. Its Cologuard test
includes proprietary and patented methods that isolate and analyze the
human DNA that are shed into stool every day from the exfoliation of
cells that line the colon; and also protein marker to detect blood in
the stool, utilizing an antibody-based fecal immunochemical test. The
company’s stool-based DNA colorectal cancer screening technology also
focuses on the inflammatory bowel disease.
Take a look at the 1-year chart of Exact (Nasdaq: EXAS) below with added notations:
EXAS has essentially been trading sideways for the last 2 months,
while forming a common pattern known as a rectangle. A minimum of (2)
successful tests of the support and (2) successful tests of the
resistance will give you the pattern. EXAS’ rectangle pattern has formed
a $17.50 resistance (red) and a $15 support (blue). A break above
$17.50 would also be a new 52-week high.
The Tale of the Tape: EXAS is trading within a
rectangle pattern. The possible long positions on the stock would be
either on a pullback to $15, or on a breakout above $17.50. The ideal
short opportunity would be on a break below $15.
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