Just a quick update on my January 26th look at CombinatoRx, Incorporated (NASDAQ:CRXX)... in short, the stock's done everything I needed to see it do to cement my bullish outlook in place. In other words, I'm calling CRXX a technical buy.
As a reminder, all I wanted to see (though it was a tall order at the time) was CRXX make good on the break above the steeper falling resistance line (blue). And, it did. In fact, it's also busted above the other falling resistance line (green) that I wasn't even showing you at the time. The final straw came when CombinatoRx broke above the horizontal resistance at $1.14.
The encouraging part about the chart isn't the strength of the move, but rather, how CRXX has been pushed lower after crossing each milestone, and then fought back to reach higher highs. Between that and the increasing number of accumulation bars, I really think CombinatoRx, Inc. shares have a shot at getting back up to $1.85 at least, and ideally up to the $3.00-ish area where there's still a lingering gap from late 2008.
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