One clinical-stage biopharmaceutical player that's starting to move within range of triggering a near-term breakout trade is Calithera Biosciences (CALA), which focuses on discovering and developing small molecule drugs directed against tumor metabolism and tumor immunology targets for the treatment of cancer in the U.S. This stock has been slammed lower by the sellers over the last six months, with shares down huge by 61.9%.
If you take a look at the chart for Calithera Biosciences, you'll see that this stock has been downtrending badly for the last four months and change, with shares falling sharply lower from its high of $22 to its recent low of $6.60 a share. During that downtrend, this stock has been making mostly lower highs and lower lows, which is bearish technical price action. That said, shares of Calithera Biosciences have now started to stabilize over the last month, with shares moving between $6.60 on the downside and $7.54 on the upside. This stock has started to spike higher off that $6.60 low and it's now beginning to move within range of triggering a near-term breakout trade above the upper-end of its recent sideways trending chart pattern. (more)
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