The company that provides temperature-controlled logistics solutions including Cryoportal, a cloud-based logistics management platform, to the life sciences industry, CryoPort Inc. (NASDAQ: CYRX) seems to be ready for a price surge according to its latest charts.
Bullish Indications
#1 Falling Wedge Breakout: The daily chart of CYRX shows that the stock was trading within a falling wedge pattern during the past few months. This pattern is marked in the daily chart in pink color. The stock has currently broken out from it. Once the stock breaks out from a bullish pattern like the Falling Wedge Pattern, it has the potential to move further up.
Daily Chart – CYRX
#2 Price above MA: The stock is currently trading above its 50-day SMA. This shows that the bulls are currently in control.
[hana-code-insert name=’adsense-article’ /]#3 %K above %D: The stochastics reveal that the %K line is currently above the %D line in the daily chart.
This is a possible bullish sign.
#4 Bullish MACD: The MACD line (blue color) is currently above the MACD signal line (orange color) in the daily chart.
This indicates a possible bullish bias.
#5 Bullish ADX and DI: The ADX indicator shows bullishness because (+DI) is greater than (-DI), ADX and (+DI) are above (-DI), and ADX has started rising from below both (+DI) and (-DI). These point to a possible upmove in the near-term.
#6 Unbroken uptrend: The weekly chart shows that the stock’s uptrend is unbroken, as it has been forming higher highs and higher lows. This indicates possible bullishness.
Weekly Chart – CYRX
#7 Near Support Level: The stock has currently moved up from a strong support level. This support level is marked as a pink dotted line in the weekly chart. This seems like a good area for the stock to bounce upwards.
#8 %K above %D: The weekly chart also shows that the %K line is currently above the %D line, indicating possible bullishness.
#9 Bullish RSI: The RSI is currently above 50 and moving up, indicating the strength of the current upmove.
Recommended Trade (based on the charts)
Buy Price: If you want to get in on this trade, the ideal buy level for CYRX is above the resistance level of 200-day MA. This translates to a price above $16.65.
TP: Our target prices are $21 and $26 in the next 3-6 months.
SL: To limit risk, place a stop loss at $14.30. Note that the stop loss is on a closing basis.
Our target potential upside is almost 26% to 56% in the next 3-6 months.
For a risk of $2.35, our target rewards are $4.35 and $9.35. This is a 1:2 and 1:4 risk-reward trade.
In other words, this trade offers nearly 2x to 4x more potential upside than downside.
Risks to Consider
The stock may reverse its overall trend if it breaks down with high volume from the breakout level of the channel. The sell-off of the stock could also be triggered in case of any negative news, overall weakness in the market, or any regulatory changes in the sector.
Happy trading!
Tara
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