This year has been full of positive catalysts for REGENXBIO Inc. (Nasdaq: RGNX). As RGNX continues to build out their clinical pipeline, data catalyst from upcoming phase 2a report on their Wet-AMD gene therapy product could send the stock roaring higher. RGNX is set to report data Oct. 13, 2019 and the technical setup is quite nice moving into data. The Wet-AMD market is a lucrative opportunity and proving the previous offering was worth the money and R&D to investors with positive data results will re-ignite excitement and investment. Although market conditions have been terrible lately, RGNX has held up great (I interpret this as positive sentiment going into data).
I have outlined and noted bullish patterns I will be watching. Press play on the interactive chart or the expand button to get a closer view at the instant replay.
One-Year-high: $85.10; July 09, 2018
- Cup and Handle formation starting date of IPO (Stock has retraced to bullish .707 harmonic retracement level from the July 2018 high).
- Recent low of $30 has significant price structure to hold current support.
- $30 also marked “oversold” territory and double bottom on the one-year chart.
- Symmetrical patterns portray controlled accumulation/ distribution in downtrend.
- Recent intra-day price spikes indicate Bulls buying back in for potential run-up on good data.
- RSI and CCI moving toward positive slopes.
- Fibonacci support levels converge with price from July 09, 2018 high.
Levels to Watch
- Levels I will be watching to add range from current price ($35) down to $30.40
- Structural levels (highlighted in horizontal rectangular box)
- Support levels (horizontal lines on chart) price needs to hold range from $30 -> $26
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Disclosure: I am long RGNX. I may buy or sell within the next 72 hours. This is not a recommendation to buy or sale, please do your homework before investing.
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