CUP & HANDLE OPPORTUNITIES

Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks and continues with recent breakouts and watchlist candidates.

In the beginning of July, Tech Charts blog featured two cup & handle breakout opportunities for our readers. This update highlights NOVOCURE LTD. which met its chart pattern price objective and discusses the second similar chart pattern setup that is developing on REATA PHARMACEUTICALS INC. from the watchlist section. Both equities are listed on the Nasdaq Stock Exchange.

NOVOCURE LTD (NVCR.O)

NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 7 month-long cup & handle with the horizontal boundary acting as strong resistance at 54.5 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 56.5 levels confirmed the breakout from the 7 month-long cup & handle with the possible chart pattern price target of 80 levels. Breakout pushed the stock to all-time highs.

Novocure Ltd. had a strong rally and reached its chart pattern price target. Breakout from chart patterns with horizontal boundaries are reliable. Breakout to all-time high is the path of least resistance.

Can Reata Pharmaceuticals complete the similar chart pattern and trend towards its price objective? It is on our watchlist…

REATA PHARMACEUTICALS INC (RETA.O)

Reata Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on identifying, developing and commercializing product candidates that modulate the activity of regulatory proteins involved in the biology of mitochondrial function, oxidative stress, and inflammation to address the unmet medical needs of patients with a range of serious or life-threatening diseases. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 10 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 100 levels. A daily close above 103 levels will confirm the breakout from the 8 month-long cup & handle continuation with the possible chart pattern price target of 146 levels. Breakout can push the stock to all-time highs.

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